Dollar exchange rate drops to 460 tenge on Kazakhstan Stock Exchange

The dollar exchange rate on the Kazakhstan Stock Exchange (KASE) dropped to 460.13 tenge after the day session, a decrease of 1.14 tenge. This follows a trend where the dollar has weakened by 5.61 tenge against the tenge since August 11, moving from 465.74 to 460.13 tenge, representing a 1.2 percent decrease.

Average dollar exchange rates at Almaty currency exchanges showed buying at 460.55 tenge and selling at 462.84 tenge. In Astana, rates were around 458.00 tenge for buying and 465.00 tenge for selling.

This movement occurs after the National Bank lowered its base rate from 17% to 16.75% on July 24. National Bank Governor Timur Suleimenov indicated that further rate cuts are contingent on continued inflation slowdown. Earlier in July, the National Bank reported the national currency had strengthened by 1.3% against the dollar, reaching 473.81 tenge by the end of the month.

The National Bank stated that short-term tenge dynamics will be influenced by market expectations, quarterly tax payments, global market conditions, and geopolitical developments.