Frequently asked questions answered

5. What is considered the official exchange rate of the National Bank? 

The official exchange rate of the National Bank is the weighted average market exchange rate of the tenge to the US dollar, formed based on trading results on the Kazakhstan Stock Exchange (KASE) as of 15:30 Astana time for the USDKZT_TOM currency pair (with next-day settlement). This rate is set as the official exchange rate for the following business day.

The exchange rates of the tenge to other currencies are calculated via cross-rates, using the market USD/KZT exchange rate and the rates of the corresponding currencies against the US dollar. In doing so, bid quotations recorded at 16:00 Astana time based on data from international agencies are applied.

5. What is the official exchange rate of the National Bank used for? 

The official exchange rate is used for accounting purposes, revaluation of assets and liabilities, statistical reporting, and other calculation-related purposes. It serves as a reference but is not mandatory for use in all transactions.

Business entities, including government agencies, have the right to independently determine in which cases to apply the official exchange rate.

5. How is the market exchange rate formed? 

The market exchange rate is formed during trading on the Kazakhstan Stock Exchange (KASE), where market participants — primarily banks and brokerage firms — conduct transactions to buy and sell foreign currency. The transaction rate reflects the current balance of supply and demand.

If demand for the US dollar increases, the USD/KZT rate rises (the tenge weakens). If supply exceeds demand, the USD/KZT rate falls (the tenge strengthens). Thus, the market exchange rate dynamically reflects market equilibrium.

5. What is a cross-rate?  

A cross-rate is an exchange rate between two currencies calculated through a third currency (most commonly the US dollar) when there is no direct market quotation between the two currencies.

For example, to determine the exchange rate between the Kazakhstani tenge and the Indonesian rupiah, the following formulas can be used:

KZT/IDR = (USD/IDR) ÷ (USD/KZT) – shows how many rupiahs (IDR) can be obtained for 1 tenge (KZT);

IDR/KZT = (USD/KZT) ÷ (USD/IDR) – shows how many tenge are needed to purchase 1 rupiah.

To perform this calculation, one must use the USD/KZT rate and the market USD/IDR rate from international platforms such as Bloomberg, LSEG (Reuters), or the Financial Times.

5. Where can I find information about the official exchange rates against the tenge? Can I get a statement for a specific date or period? 

You can check the official exchange rate of a specific currency against the tenge on the National Bank's website under the section: "Statistics" – " Foreign exchange rates and price of gold " – "Daily Official (Market) Foreign Exchange Rates".

Average official exchange rates for a specific period are available in the section: "Statistics" – "Foreign exchange rates and price of gold" – "Official Foreign Exchange Rates on average for the period".

You can also obtain an electronic certificate of official exchange rates against the tenge for a specific date or period through the electronic certificate issuance service. (Russian and Kazakh only).

5. Can I exchange foreign currency at the National Bank? 

Foreign currency cannot be exchanged at the National Bank. For the purchase or sale of cash foreign currency, you can visit exchange offices of second-tier banks, currency exchange points of JSC "Kazpost," and exchange offices of authorized organizations (non-bank exchange points).

The addresses of non-bank exchange points can be found on the official website of the National Bank in the section: "Home" – "Functions" – "National Currency" – "Conducting Exchange Operations with Cash Foreign Currency" (Russian and Kazakh only).

5. Which regulatory document defines the procedure for setting the exchange rate? 

The procedure is established by the Resolution of the Board of the National Bank of the Republic of Kazakhstan dated August 24, 2012, No. 242 "On Approval of the Rules for Setting the Official Exchange Rate of the National Currency of the Republic of Kazakhstan to Foreign Currencies." The document is available on the "Әділет" portal. 

5. Does the National Bank have any benchmarks for the tenge exchange rate against foreign currencies? Can I get a forecast from the National Bank?

The National Bank does not forecast the exchange rate for any time horizon and does not have any benchmarks for the exchange rate. The tenge exchange rate is formed under the influence of fundamental factors, with the amplitude of its fluctuations depending on the expectations of market participants within the country and the dynamics of global markets.

5. What affects the tenge exchange rate against the US dollar? 

The tenge exchange rate is formed based on supply and demand in the foreign exchange market and depends on a range of internal and external factors.

In particular, the dynamics of the tenge exchange rate are influenced by internal factors such as the state of the balance of payments, inflation levels, the base interest rate, tax payment periods, budget fund movements, trends in the de-dollarization of deposits, and market participants' expectations.

The dynamics of the tenge also respond to global trends and geopolitical situations and are determined by a combination of many factors, such as oil prices, exchange rates in trading partner countries, and central bank interest rates in the world's largest economies.

5. Why does the National Bank adhere to a floating exchange rate policy?

Kazakhstan implements an inflation targeting regime, which involves a policy of a free floating exchange rate. Under a floating exchange rate, the tenge freely responds to external and internal shocks, allowing for:
• maintaining gold and foreign exchange reserves;
• avoiding the accumulation of imbalances in the economy.
Experience has shown that a fixed exchange rate creates short-term stability but leads to imbalances, depletion of reserves, and financial crises.

5. What is a fixed exchange rate? 

A fixed exchange rate is an administratively set exchange rate of the national currency to a foreign currency (or a basket of currencies), maintained within a certain range through foreign exchange interventions by the central bank.

5. Should we expect a devaluation? 

The term "devaluation" is applicable only under a fixed exchange rate regime. Since August 2015, Kazakhstan has implemented a free-floating exchange rate regime, so the concept of "devaluation" is no longer relevant. The tenge exchange rate is now formed daily based on market factors. Exchange rate fluctuations are an inherent part of the free-floating exchange rate regime.

5. Why was the transition to a floating exchange rate implemented?

Until 2015, Kazakhstan operated under a fixed exchange rate regime, where the National Bank kept the tenge within a narrow band. This required constant interventions and the spending of foreign exchange reserves.

Global crises, falling oil prices, and the weakening of trading partners' currencies created pressure on the exchange rate. Maintaining it became economically unfeasible – the fixed exchange rate led to imbalances and reduced export competitiveness.

In August 2015, Kazakhstan switched to an inflation targeting regime with a free floating exchange rate. Now, the exchange rate is formed by the market, and reserves are used to smooth volatility, rather than artificially maintaining a specific level.

5. What types of foreign exchange operations does the National Bank carry out? 

The National Bank of the Republic of Kazakhstan carries out the following main types of foreign exchange operations:

– Operations on behalf of the National Fund (NF):
The National Bank sells foreign currency on the domestic market to fund transfers from the NF to the state budget. These operations are conducted regularly and evenly, adhering to the principle of market neutrality. This approach minimizes the impact of the National Fund's operations on the foreign exchange market.

– Operations within the framework of achieving monetary neutrality under the implementation of the priority right:
Since 2025, the National Bank, in order to achieve monetary neutrality under the implementation of the priority right to purchase refined gold, mirrors gold purchases by selling US dollars on the foreign exchange market in an amount equivalent to the tenge issued for the gold purchase. These operations are carried out to withdraw the liquidity created for purchasing gold on the domestic market. Such operations are conducted in line with the principle of market neutrality.

– Operations on behalf of the funds managed by the National Bank for the diversification of their assets (including for the trust management of pension assets):
Foreign currency is purchased on the market depending on the market conditions and investment strategy.

– Foreign exchange interventions:
Under the free-floating exchange rate regime, the National Bank reserves the right to conduct foreign exchange interventions. In exceptional cases, the National Bank may intervene in the domestic foreign exchange market to smooth sharp fluctuations in the exchange rate, restore confidence in the market, and its price determination mechanisms. Foreign exchange interventions may be conducted in both directions based on quantitative signals and indicators that monitor market functioning and liquidity. Interventions may be aimed at limiting risks to financial stability, when sharp and significant changes in the tenge exchange rate could trigger outflows of tenge deposits and a liquidity shift to the foreign exchange market, as well as smoothing destabilizing short-term exchange rate fluctuations that are not supported by fundamental factors.

The National Bank adheres to the principle of transparency and information disclosure in carrying out foreign exchange operations. The National Bank's foreign exchange operations are published monthly on the official website - nationalbank.kz/en/news/operations-NF, nationalbank.kz/en/news/foreign-exchange-market-interventions.

5. In what cases and based on what principles does the National Bank of the Republic of Kazakhstan participate in the foreign exchange market? 

The participation of the National Bank of the Republic of Kazakhstan in the foreign exchange market is based on market principles and aims to ensure the stability and efficiency of the foreign exchange market. The principles of market neutrality and transparency are observed: all foreign exchange operations are carried out without distorting market price formation mechanisms and are accompanied by appropriate information disclosure.

The National Bank follows a policy of strengthening the floating exchange rate regime, minimizing its presence in the market, except in cases where there are threats to financial stability. Foreign exchange interventions are allowed in exceptional situations, such as sharp and short-term fluctuations in the tenge exchange rate, threats to financial stability, as well as deterioration in liquidity and the functioning of the foreign exchange market.

5. Why is it economically unfeasible to maintain the tenge exchange rate at a certain level? 

A fixed exchange rate requires constant foreign exchange interventions. This leads to the depletion of foreign exchange reserves and an increase in distrust of the tenge. Once the reserves are exhausted, the exchange rate is sharply adjusted. Therefore, any attempts to artificially maintain the exchange rate are temporary and unstable. The market exchange rate helps avoid such shocks and maintains macroeconomic stability.

5. Why does the tenge exchange rate at commercial institutions differ from the official rate of the National Bank? 

The exchange rate used by commercial organizations, including travel agencies, may differ from the official exchange rate of the National Bank.

The official exchange rate is used for accounting purposes, asset and liability revaluation, statistical reporting, and other calculation-related purposes. It serves as a reference but is not mandatory for use in all transactions and is not applied for concluding civil contracts or market operations.

Business entities, including government agencies, have the right to independently determine in which cases to apply the official exchange rate. In commercial transactions, organizations, including travel agencies, may use their own exchange rates, taking into account margins, commissions, market fluctuations, and risks. 

5. Where can I get information about the price of 1 gram of gold in tenge? 

The National Bank publishes the indicative price of 1 gram of gold in tenge in the section: "Statistics" – "Foreign exchange rates and price of gold" – "Gold". 

5. Is the published gold price in tenge considered official? 

No, the published price is indicative and intended for informational purposes only.

The prices of gold in commercial transactions (purchase, sale, pledge, etc.) are determined by organizations independently, taking into account:
• market quotations;
• margins;
• exchange rates;
• quality of the product and other factors.

5. How is the gold price in tenge, published on the official website of the National Bank, calculated? 

The indicative price for 1 gram of gold in tenge is calculated using the following formula:

Gold price in tenge = LBMA fixing × official USD/KZT exchange rate ÷ 31.1034768

Where:
• LBMA fixing – the morning value of the London fixing for the previous day, in US dollars per troy ounce;
• 31,1034768 – the number of grams in one troy ounce;
• official USD/KZT exchange rate – the rate set by the National Bank on the current date.

5. How can I calculate the price of gold in tenge, other than based on the gold content of 999(9)? 

To calculate, it is necessary to:
• determine the mass of the item in grams;
• multiply by the percentage of pure gold content (for example, 58.5% for a 585 gold standard);
• multiply by the current price of 1 gram of gold.

5. Why is a gold portfolio included in the structure of the gold and foreign exchange reserves? 

The gold portfolio constitutes a significant portion of the country's gold and foreign exchange reserves, helping to protect their value in the event of a potential decline in the attractiveness of currency assets on international financial markets. It also contributes to risk diversification and can have a stabilizing effect on the overall volume of reserves during periods of global volatility. At the same time, the main objective of investing in gold is to ensure the stability and preservation of assets, rather than generating short-term returns.

5. Where can I find information about the state of the country’s gold and foreign exchange reserves? 

The National Bank publishes data on gold and foreign exchange reserves on a monthly basis on the official website of the National Bank.

5. What is the priority right to purchase refined gold? 

In accordance with paragraph 1 of Article 5 of the Law of the Republic of Kazakhstan dated January 14, 2016, "On Precious Metals and Precious Stones," the National Bank exercises the priority right of the state to acquire refined gold for replenishing its precious metals assets.

When exercising the priority right, the National Bank acquires refined gold on the domestic market from precious metals producers and individuals who have become owners of refined gold as a result of processing. The National Bank is not an authorized body for overseeing raw materials containing precious metals, jewelry, or other products.

The acquisition of gold under the priority right contributes to the development of domestic production, supports the gold mining and processing industries, and also helps replenish the country's gold and foreign exchange reserves.

5. How is the state’s priority right to purchase refined gold implemented? 

In accordance with paragraph 11 of Article 8 of the Law of the Republic of Kazakhstan "On the National Bank of the Republic of Kazakhstan" and Article 5 of the Law of the Republic of Kazakhstan "On Precious Metals and Precious Stones" (hereinafter referred to as the Law), the National Bank exercises the priority right of the state to acquire refined gold for replenishing its precious metals assets.

The acquisition of gold is carried out based on an agreement concluded by the National Bank with a precious metals producer or a person who has become the owner of refined gold as a result of processing, under the general terms and conditions of the purchase and sale of refined gold. The acquisition of refined gold is carried out in the national currency – tenge, at market prices established in the international gold market.

5. Why does the National Bank exercise this priority right? 

The implementation of the priority right to purchase gold allows the National Bank to replenish international reserves using domestic resources, thereby increasing the resilience of reserves during periods of global instability. Moreover, it supports the domestic gold mining and processing industry by ensuring stable domestic demand for refined gold and stimulating investments in the sector. Thus, the priority right contributes to both macroeconomic stability and the development of the real sector.

5. What measures does the National Bank take to reduce the emission effect from gold purchases? 

In January 2025, the National Bank, in order to achieve monetary neutrality within the framework of implementing the priority right, introduced a mirroring mechanism for gold purchases, which involves selling US dollars on the foreign exchange market in an amount equivalent to the volume of tenge issued during the purchase of gold.

This allows neutralizing the impact on the money supply and limiting inflationary risks.