Translation. Region: Russian Federation –
Source: People's Republic of China in Russian – People's Republic of China in Russian –
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Source: People's Republic of China – State Council News
Astana, December 4 (Xinhua) — Kazakhstan's national currency has strengthened significantly: the tenge has risen by approximately 9 percent since October, reaching 499-500 per U.S. dollar in trading on Thursday, the National Bank (Central Bank) of the Republic of Kazakhstan reported.
According to the Kazakhstan Stock Exchange (KASE), the average weighted dollar exchange rate for the day's trading session was 499.65 tenge, down 3.98 tenge. The official exchange rate for December 4 was set at 503.89 tenge.
The National Bank noted that the national currency's strengthening was due to a combination of external and internal factors. Global oil prices have remained consistently above $60 per barrel, and the Federal Reserve's rate cut cycle has weakened the global dollar index by 8.3 percent since the beginning of the year, increasing the attractiveness of emerging market currencies.
Against the backdrop of an improved external environment, international investors are showing growing interest in Kazakhstan's assets. From the beginning of October to the end of November, non-resident portfolio investments in Kazakhstani government securities increased by $1.1 billion, while total holdings reached a historic high of $3.6 billion. Since the beginning of the year, this increase has reached $1.5 billion.
The Central Bank emphasized that consistent macroeconomic policy played a decisive role. The government, the National Bank, and the Agency for Regulation and Development of the Financial Market are implementing the Macroeconomic Stabilization Program for 2026-2028, aimed at reducing inflationary pressure, increasing the efficiency of budget expenditures, and creating a predictable macroeconomic environment.
The moderately tight monetary policy pursued has contributed to a decrease in inflation expectations and an increase in the real yield of tenge-denominated instruments, making them more attractive to non-residents. As a result, the Ministry of Finance was able to reduce borrowing costs: the yield on 9-year government securities fell to 16.1% in December, down from 17.2% in October.
The strengthening of the tenge also helps contain inflation by limiting the transmission of external price pressure to domestic prices, given the high share of imports in the consumption structure.
According to the Central Bank, the market is functioning stably, no signs of speculative activity have been detected, and there is no need to intervene in the currency market. The regulator continues to maintain a free-floating exchange rate regime with moderate volatility permitted. –0–
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