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.
Türkiye has banned children under 15 from using social media under new regulations published on Saturday. ...
Russian President Vladimir Putin expressed surprise after Donald Trump mediated the Armenia-Azerbaijan peace agreement in 2025, the U.S. President ...
The United Nations has condemned a sharp rise in attacks on civilians in Ukraine, reporting that more than 100 people were killed and at least 429 ...
Leaders of countries from the Commonwealth of Independent States (CIS) have agreed to hold coordinated population censuses around 2030. They took the decision at the CIS Council of Heads of State meeting in Awaza, Turkmenistan on Friday, media reported.
Britain and Israel have reached a temporary compromise over the future of the British Consulate General in East Jerusalem, easing a diplomatic dispute that had threatened to further strain relations between the two countries.
The Nobel Peace Prize 2026 will be announced on Friday, 9 October, bringing one of the world's most closely watched awards back into focus.
South African judge Navanethem “Navi” Pillay won the Nobel Peace Prize on Friday “for her efforts to promote peace and international law,” the Norwegian Nobel Committee said.
The U.S. has imposed sanctions on the International Criminal Court (ICC) on Friday (9 October) escalating tensions with European allies and potentially targeting companies that provide services to the tribunal. The move came hours after former ICC judge Navi Pillay won the Nobel Peace Prize.
European Union measures suspending import duties on 80 per cent of Armenian exports to the bloc came into effect on Saturday. The temporary liberalisation measures are aimed at supporting Armenian producers and exporters following trade restrictions imposed on the country's products by Russia.
Georgia is enjoying one of its biggest and highest-quality grape harvests since independence. By 6 October, growers in the country's main wine-producing region, Kakheti, had delivered 182,210 tonnes of grapes, with 99 per cent rated medium or high quality, despite recent protests over prices.
Uzbekistan has unveiled plans to deepen economic ties with Central Asia and Azerbaijan, proposing shared artificial intelligence infrastructure, a critical minerals alliance and a regional trade strategy extending to 2035.
Leaders of countries from the Commonwealth of Independent States (CIS) have agreed to hold coordinated population censuses around 2030. They took the decision at the CIS Council of Heads of State meeting in Awaza, Turkmenistan on Friday, media reported.
Saudi Arabia has restored its vital East-West oil pipeline to near-full capacity, but escalating Houthi attacks on energy facilities, airports and transport infrastructure are raising fresh concerns over the security of its oil exports.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment