He reported that in recent days, the situation in the currency market has stabilized due to the mandatory sale of part of the revenue by quasi-state companies. Previously, there was an imbalance caused by a high number of buyers and a lack of sellers, but now the market has leveled out, and further dynamics will depend on current circumstances.
“Kazakhstan has a sufficient amount of dollars, and the current situation with the balance of payments is better than last year. The main factor putting pressure on the tenge, he noted, is the global strengthening of the dollar against other currencies. Meanwhile, the tenge exchange rate against the euro remains relatively stable,” Tutushkin told reporters in the Senate corridors.
In response to questions about a possible dollar rate of 600 tenge, he reminded that the previous exchange rate was 495–496 tenge per dollar. According to him, figures like 500 or 600 tenge do not hold significant meaning—the rate is formed based on supply and demand for currency.
“Kazakhstan operates a floating exchange rate regime. The weakening of the tenge does indeed contribute to rising prices; however, the key factor for prosperity remains the level of inflation. It is important to focus on the dynamics of prices and inflation rather than fixate on specific currency exchange numbers,” a representative of the National Bank stated.
He emphasized that it is crucial for citizens to monitor inflation, as it determines prosperity, rather than the direct fluctuations of the tenge against the dollar.
“If expenses are in tenge, then the dollar exchange rate has an indirect effect. The main concern is the level of inflation, which affects the real standard of living,” he concluded.