Tokayev rates economic affairs officials' performance as underwhelming

According to Tokayev, even though officials responsible for economic affairs are well-versed in the terminology of the international financial institute thesaurus, they haven’t achieved much in terms of delivering concrete results / Photo: Akorda.kz

President Kassym-Jomart Tokayev believes that officials responsible for economic affairs could have done more to promote the economic development of Kazakhstan. The country needs specialists familiar with the situation in each region of the country, he emphasized.

In an interview with the Kazakh newspaper Ana Tili, President Tokayev commented on economic challenges Kazakhstan faced in 2024, including the weakening of the national currency, which reached an exchange rate of 500 tenge against the U.S. dollar. The president emphasized that many countries had experienced currency depreciation well before November, while the tenge had managed to maintain its position for a long time.

«We abandoned the system of artificially maintaining the exchange rate long ago. Kazakhstan has introduced a free-floating exchange rate system based on market factors. I am convinced that burning the gold and foreign currency reserves in favor of a strong tenge is meaningless. Several market players suggest introducing a more controllable exchange rate. The National Bank and the cabinet are carefully exploring all options. Once this issue is analyzed, it will be clear whether new approaches are needed in this sphere,» Tokayev said.

He also criticized the performance of officials responsible for economic development, stating that they speak extensively but lack concrete actions, while the country needs specialists with firsthand experience.

«I will speak frankly: I rate the current performance of officials responsible for the economy as underwhelming. They overuse the narrative from the international financial institute thesaurus yet fail to deliver concrete actions. The country needs specialists who are familiar with the situation in its regions and the functioning mechanisms of a real economy, those who have worked ‘on the ground.’ The topic was discussed with Prime Minister Olzhas Bektenov during our meeting on Dec. 17 last year,» Tokayev stated.

Last year was indeed challenging for Kazakhstan due to fluctuations in the national currency, which saw a 5% drop in November, reaching 512.52 tenge. This occurred amid a 6% month-on-month decrease in foreign currency sales from the National Fund.

Expectations for the national currency’s performance this year are mixed. Several experts forecast that the exchange rate in 2025 will fluctuate between 600 and 650 tenge against the U.S. dollar.