Dollar Surpasses Key 500 Tenge Mark on Kazakhstan Exchange

The US dollar has once again breached the psychologically significant threshold of 500 Kazakh tenge during trading on the local exchange.

Following the day's session on the Kazakhstan Stock Exchange (KASE), the weighted average dollar rate settled at 501.26 tenge. This represents an increase of 4.02 tenge compared to previous levels, firmly pushing the rate above the key market benchmark of 500 tenge per dollar.

In contrast, the official exchange rate set by the National Bank for February 25 stands lower, at 496.85 tenge per dollar.

Data from currency monitoring services shows a divergence in rates at physical exchange points in the country's major cities. In Almaty, the average dollar rate at exchange offices was 500.97 tenge for purchase and 504.37 tenge for sale. In Astana, exchangers offered to buy dollars at an average of 497.00 tenge and sell them for 504.00 tenge.

This movement in the currency market follows a recent monetary policy decision by Kazakhstan's central bank. On January 23, the National Bank opted to maintain its base rate at its current level of 18 percent.

National Bank Chairman Timur Suleimenov indicated that this elevated rate could remain in place for up to six months as part of efforts to curb inflationary pressure and slow price growth. Suleimenov also stated that should these measures prove insufficient, the central bank is prepared to implement even tighter monetary policy.