Despite high oil prices, the tenge to US dollar exchange rate continues to weaken, since the beginning of August 2023 it has fallen by 8%. The main reasons are the global strengthening of the US dollar and weakening of the Russian ruble, as well as internal factors such as the cancellation of the mandatory sale of foreign currency proceeds by the quasi-government sector and high demand for foreign currency.
At the end of trading on 28 September 2023, the USD/KZT exchange rate reached 482.77 Tenge, its highest since October 2022. We do not exclude the possibility of return of strict currency control measures, including mandatory sale of foreign currency proceeds.
The full report of Teniz Capital Investment Banking JSC on USD/KZT exchange rate dynamics can be found below.