Kazakhstan experiences an increase in the value of the US dollar.
Let's talk about the Kazakhstan Stock Exchange (KASE) and the fluctuation of currency exchange rates, as per Lit.kz's report.
Today, KASE sealed the deal on trading foreign currency instruments. At closing, the average weighted exchange rate for a buck was 518.53 tenge, showing a 2.33 tenge hike. On the contrary, the National Bank's official dollar rate for May 5 stands at a more modest 516.16 tenge.
Here's a snapshot of the current exchange rates across exchange offices:
- Dollar: buy - 517-518 tenge, sell - 518.5-519 tenge.
- Euro: buy - 586-588 tenge, sell - 590-591 tenge.
- Ruble: buy - 6.1-6.15 tenge, sell - 6.2-6.25 tenge.
You should also check out our article on Exchange rates to the Kazakhstani tenge.
Now let's unpack what's happening here. The gap between KASE and National Bank's dollar rates frequently stems from:
- Market Dynamics versus Policy Intervention:
- KASE rates mirror real-time fluctuations driven by banks, corporations, and institutional traders. For instance, a single bank with aggressive demand and limited dollar supply on June 14 (as reported in the 2025-04-26 report) caused a sharp spike in the rate.
- On the flip side, National Bank rates often seek to maintain macroeconomic stability, counteracting volatility during such scenarios, which results in divergence from KASE's market-driven rate.
- Liquidity and Volume Differences:
- KASE's weighted average is swayed by actual trading volumes, like the specific demand pressures on June 14. In contrast, the National Bank may stabilize the exchange rate through injecting or absorbing currency reserves during periods of moderate supply.
- Technical and Strategic Factors:
- Short-term pressures can appear at KASE due to factors like overnight repo rates and market sentiment, as shown in the April 2025 reports where mounting rates pointed to downward pressure[2][3].
- The National Bank's currency reserves management may prioritize long-term exchange rate targets over immediate market movements, displayed through active bid/supply adjustments within the KASE system[2].
Long story short, KASE adjusts to micro-level trading forces, while the National Bank's rate caters to broader policy objectives, leading to regular discrepancies.
- Today, the Kazakhstan Stock Exchange (KASE) finalized foreign currency instruments trading, with an average weighted exchange rate of 518.53 tenge for the US dollar, representing a 2.33 tenge increase compared to yesterday.
- As per the exchange rates snapshot, today's dollar buy rate across offices varies from 517 to 518 tenge, and the sell rate ranges between 518.5 and 519 tenge.
- Now, let's examine the exchange rates to the Kazakhstani tenge for more insights.
- Despite the divergence in the USD exchange rate between KASE and the National Bank, the gap frequently arises as a result of market dynamics versus policy intervention, liquidity and volume differences, and technical and strategic factors.
