The Minister of National Economy of the Republic of Kazakhstan explained a number of reasons for the sharp weakening of the national currency. According to him, the first factor is the global strengthening of the dollar index in recent months.
The weakening of the Kazakhstani tenge is causing more and more concern among the population. According to economists, it is time for the country's authorities to think about introducing non-tariff regulation of imports from Russia in order to stop the depreciation of the national currency.
For more than ten days now, Kazakhstanis have been anxiously watching the tenge cross the threshold of 500 tenge per dollar. During this period, the tenge exchange rate against the dollar and the euro in Kazakhstan fell by more than 5 percent. The Government of the country has announced the adoption of emergency anti-crisis measures. But experts do not rule out a further drop in tenge. The first reports of an unexpected drop in the tenge exchange rate against the dollar and the euro for the population of Kazakhstan appeared on the second day of Vladimir Putin's state visit to Kazakhstan on 28th of November.
The Minister of National Economy of the Republic of Kazakhstan explained a number of reasons for the sharp weakening of the national currency. According to him, the first factor is the global strengthening of the dollar index in recent months. The second factor is associated with a slight decrease in world oil prices. And the last, important factor is the weakening of the Russian ruble.
Experts note that the reason for such dependence of tenge on the ruble is the close economic ties between the two countries. Russia is one of Kazakhstan's key trading partners, and a significant part of mutual trade is carried out in rubles. According to official data, imports of food products, that is, 43% are products of Russian manufacturers. This means any strengthening or weakening of the ruble directly affects the prices of imports and exports, which, in turn, affects the tenge exchange rate.
In addition, in Kazakhstan, most of the goods and food are imported from other countries that are not members of the EAEU. It turns out that this part of the goods is purchased for dollars, imported to Kazakhstan and sold for tenge. The dollar is getting more expensive, respectively, and goods for Kazakhstanis are getting more expensive. Further, as a rule, this stimulates inflation and prices for other goods.
Against the background of an unstable geopolitical situation, changes in the tenge exchange rate against the dollar and volatility in world food markets, the Ministry of Agriculture of the Republic of Kazakhstan announced measures to ensure food security and stabilize prices for essential products. The Government of Kazakhstan also stated that all necessary measures will be taken to stabilize and minimize possible negative consequences for the economy and the population.
President of the Republic of Azerbaijan Ilham Aliyev has thanked U.S. President Donald Trump. In his letter, the head of state expressed deep gratitud...
China’s Ministry of Foreign Affairs has urged Afghanistan and Pakistan to resolve their tensions through dialogue and engagement, as it pledged to w...
Iran's President Massoud Pezeshkian has begun a two day visit to Kazakhstan, with officials from both sides describing the trip as an opportunity to a...
French Prime Minister Sebastien Lecornu has successfully navigated a significant political hurdle with the approval of the 2026 social security budget...
In a dramatic Champions League league phase clash at Baku’s Tofiq Bəhramov Stadium, Qarabağ grabbed an early lead, but Ajax staged a thrilling com...
Iran's President Massoud Pezeshkian has begun a two day visit to Kazakhstan, with officials from both sides describing the trip as an opportunity to advance cooperation in trade, transport, industry, mining and cultural exchanges.
Iranian President Masoud Pezeshkian arrived in Astana on Wednesday, 10 December, for a two-day visit aimed at expanding trade, transit, and economic ties, with more than ten agreements expected to be signed.
The Organisation of Turkic States (OTS) is rapidly transforming into a strategic regional hub, offering member states an independent geopolitical path, analysts say.
Kazakhstan has begun redirecting part of its crude exports, sending oil from the Kashagan field to China for the first time.
Scores of demonstrators gathered outside the Norwegian Nobel Institute in Oslo Tuesday (9 December) to protest against the awarding of this year’s Nobel Peace Prize to Venezuelan opposition leader Maria Corina Machado.
Pressure is mounting between Venezuela and the United States as both nations emphasise military preparedness and strategic positioning.
Iran and Saudi Arabia reiterated their commitment to enhance ties following a joint meeting with China in Tehran on Tuesday to follow up on implementation of the 2023 Beijing Agreement which resulted in resumption of their diplomatic relations after eight years.
The world’s leading minds and voices will be honoured on Wednesday, 10 December, the anniversary of Alfred Nobel’s death, as Nobel Prizes are presented in Stockholm and Oslo.
In a dramatic Champions League league phase clash at Baku’s Tofiq Bəhramov Stadium, Qarabağ grabbed an early lead, but Ajax staged a thrilling comeback to win 4-2.
Iran's President Massoud Pezeshkian has begun a two day visit to Kazakhstan, with officials from both sides describing the trip as an opportunity to advance cooperation in trade, transport, industry, mining and cultural exchanges.
Uzbekistan will introduce a nationwide system to assess the resilience of officials and civil service candidates to corruption risks from 2026, according to a presidential decree adopted this week.
A new five-year partnership framework between Georgia and the United Nations has set out priorities for development through 2030. The agreement outlines economic, social, and governance goals.
Iranian President Masoud Pezeshkian arrived in Astana on Wednesday, 10 December, for a two-day visit aimed at expanding trade, transit, and economic ties, with more than ten agreements expected to be signed.
Special representatives for Iran and Russia have discuss declining Caspian Sea levels during a meeting held in Tehran.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment