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Tengrinews.kz – Vice Minister of National Economy Arman Kassenov explained the key factors influencing the exchange rate of the tenge and whether devaluation should be expected.
Answering journalists' questions in the Senate corridors, Kasenov stated that the exchange rate always depends on fundamental factors.
"The exchange rate is influenced by exports, inflation, and interest rates. There are no fundamental reasons for devaluation; the current level is justified. However, a $10 fluctuation in oil prices can impact the exchange rate since there is a direct correlation, similar to the Canadian dollar," the vice minister explained.
Kassenov added that sanctions also affect the currency market. When they are introduced, the ruble's exchange rate against the dollar can fluctuate irrationally.
"For example, after sanctions, the ruble's rate surged to 120 before returning to its fundamental level. The tenge also reacted to sanctions against Gazprombank but later stabilized.
The exchange rate is determined by supply and demand. Sanctions and the ruble's rate influence public behavior, causing short-term fluctuations, but over time, the exchange rate returns to fundamental factors," Arman Kassenov added.
Notably, the US dollar exchange rate in Kazakhstan has recently dropped by nearly 5 tenge.
