'Absolutely not': National Bank Chairman on 1,000 tenge per dollar rate

Tengrinews.kz – Chairman of the National Bank Timur Suleimenov firmly denied that the U.S. dollar could reach 1,000 tenge this year.

During a press briefing at a joint session of Parliament, journalists asked the head of the National Bank whether the dollar could hit 1,000 tenge by the end of 2025.

“No, absolutely not. The very framing of this question falls more into the realm of theoretical speculation,” Suleimenov replied.

Thus, the head of the National Bank assured that there are no grounds to expect the exchange rate to rise to such levels anytime soon.

Analysts from the Association of Financiers of Kazakhstan (AFK) previously forecast that the dollar would be at 541.7 tenge by early September and 573.0 tenge in a year.

As a reminder, Prime Minister Olzhas Bektenov also recently responded to questions about the exchange rate and potential devaluation. According to him, the tenge rate is formed solely on market principles, and there are currently no factors that could cause sharp fluctuations.

“The exchange rate is based on market factors, and there is no intervention by the National Bank. At present, based on our assessments and those of most credible experts, there are no prerequisites for a sharp weakening of the tenge,” the Prime Minister emphasized.