Kazakhstan’s national currency, the tenge, fell to a historic low of 538.9 per U.S. dollar during trading on the Kazakhstan Stock Exchange (KASE) on July 23. The rate dropped by 0.75% or 4 tenge by the close of the session.
This marks the second record low for the tenge in just one week. On July 17, the currency slipped to 533 per dollar.
In the days that followed, the exchange rate partially rebounded, reaching 530 per dollar by July 21. On July 22, the National Bank of Kazakhstan stated it had not intervened in the currency market.
The regulator later suggested that the rate’s movement may have been influenced by remarks made by Aliya Moldabekova, deputy chair of the National Bank, on July 18.
Speaking to local media, Moldabekova said that there were no fundamental reasons for the tenge’s decline, predicted a return to previous levels and warned that those acting on panic could lose money.
The Association of Financiers of Kazakhstan also cited possible market reaction to a government announcement made during Prime Minister Olzhas Bektenov’s July 15 press conference. Bektenov said that the cabinet plans to revise its base forecast for the USD-KZT exchange rate in 2026 from 475 to 540, a 13.7% increase.
