Kazakhstan’s dollar exchange rate may decline, says Deputy PM

Tengrinews.kz – The exchange rate of the US dollar in Kazakhstan is expected to decrease in the near future, First Deputy Prime Minister Roman Sklyar said during a press briefing.

Sklyar expressed cautious optimism about the tenge's performance, noting that similar fluctuations had been observed in the past.

"Our forecast — mine and that of my colleagues — is that the dollar rate will roll back. It won't remain this high. We've seen this many times before, when the rate eventually stabilized. I believe the National Bank will take the necessary measures, and the market will adjust accordingly," he said.

He also reminded reporters that the National Bank operates independently and is not subordinate to the government.

"The National Bank is a separate entity in the state structure. It does not report to the government. They implement monetary policy as they see fit. We can debate whether it's right or wrong — but that's a matter for discussion," Sklyar added.

His remarks came shortly after the dollar exceeded 550 tenge in exchange offices across Kazakhstan. In response, the National Bank announced it had begun foreign exchange interventions to stabilize the currency.