Kazakh Tenge Strengthens as Dollar Drops to 475 on KASE

The US dollar exchange rate against the Kazakh tenge continued its downward trend on Tuesday, April 1. According to the results of daytime trading on the Kazakhstan Stock Exchange (KASE), the weighted average dollar rate settled at 475.09 tenge, marking a decrease of 3.06 tenge from the previous session.

This level represents the lowest point for the dollar since August 2024, when it also briefly fell to around 475 tenge. The official exchange rate set by the National Bank of Kazakhstan for April 1 is slightly higher at 478.77 tenge per dollar.

In currency exchange offices in Almaty, the average rates were observed at 474.22 tenge for buying and 476.47 tenge for selling. In Astana, the spread was wider, with an average purchase price of about 473.00 tenge and a selling price around 480.00 tenge.

The ongoing appreciation of the national currency is driven by fundamental market factors, according to recent statements from monetary authorities. National Bank Chairman Timur Suleimenov explained that rising global oil prices—which account for over half of Kazakhstan's export revenue—are increasing foreign currency supply in the domestic market, thereby putting downward pressure on the dollar's value.

Suleimenov emphasized that while the National Bank does not provide investment advice, the Kazakh tenge has proven its resilience and attractiveness to investors. He noted that last year, the tenge demonstrated high returns and is considered one of the world's most appealing currencies in terms of its risk-return profile.

The central bank clarified that this strengthening trend has been evident since early 2026 and intensified noticeably in February. Officials stated that this dynamic reflects objective market conditions rather than a short-term reaction to isolated external events.

The National Bank reaffirmed its commitment to maintaining a flexible exchange rate policy, which it believes helps avoid economic imbalances and preserves gold and foreign exchange reserves.