Government dismisses speculation of 600 tenge per dollar

Tengrinews.kz - Deputy Prime Minister and Minister of National Economy Nurlan Baibazarov stated during a briefing that the government does not foresee the exchange rate of 600 tenge per dollar.
Addressing journalists, Baibazarov urged citizens not to succumb to panic and emphasized that buying foreign currency is a personal decision.

"We’ve been through a similar situation in 2022 when people purchased dollars at nearly 600 tenge on the secondary market, which ultimately led to negative financial outcomes for them. The government has tools to mitigate negative impacts on the economy and ensure social protection for citizens. We’ve set an average annual exchange rate of 470 tenge per dollar, and we currently have no plans to revise this figure. We’ll monitor currency trends, and I believe we’ll have a clearer direction by the first quarter," Baibazarov explained.

The minister added that the government has contingency plans, labeled 'Plan A' and 'Plan B', but neither scenario involves a 600-tenge exchange rate.

"Our baseline scenario is set at 470 tenge per dollar, with calculations extending to 500 tenge. Plan B involves this 500-tenge rate, but we are not forecasting 600 tenge. Our goal is to support investments in foreign currencies as part of ongoing projects and programs. These investments will flow into our currency market, be converted, and spent in Kazakhstan to implement these projects, thereby ensuring a steady inflow of foreign currency into the country," Baibazarov stated.

Earlier, Baibazarov addressed concerns about fluctuations in Kazakhstan’s foreign exchange market. National Bank Chairman Timur Suleimenov also commented on the recent dollar rate increase, calling the situation 'not overly critical'.