Tenge strengthens faster than expected in July

July 9, 2026 at 11:06 AM1 min

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The Kazakh tenge has strengthened against the dollar in early July, outperforming market forecasts. The currency gained 2.3% since July 1, trading at 445 per dollar on July 9.

Currency Rally

The tenge strengthened 2.3% in the first nine days of July, closing at 445 per dollar on July 9, according to DKNews.kz. Analysts had expected a weaker performance due to seasonal import demand. The rally was driven by higher oil prices and increased foreign currency inflows from exporters.

Market Factors

Brent crude averaged $78 per barrel in early July, up from $72 in June, supporting Kazakhstan's export revenues. The National Bank of Kazakhstan sold $150 million in interventions to smooth volatility, but the tenge continued to appreciate. The central bank's base rate remains at 13.5%.

Ministry on Price Lag

Kazakhstan's Ministry of National Economy stated that the effect of tenge strengthening on food prices is delayed and not immediate. The statement came in response to a query from the Informburo portal.