Kazakhstan's Tenge Strengthens 3.9% in March, Boosting Nominal Exchange Rate
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Kazakhstan's nominal effective exchange rate (NEER) rose by 3.9% in March 2026, reaching 83.1 points. The increase indicates a broad strengthening of the tenge against the currencies of trading partners. This rise occurred even as real effective exchange rate data remains pending.
Nominal Exchange Rate
The nominal effective exchange rate (NEER) for Kazakhstan reached 83.1 points in March 2026, marking a 3.9% month-on-month increase. Excluding oil trade, the NEER rose to 88.9 points, a 3.8% increase from February's 85.6 points. This indicates a significant strengthening of the tenge against a basket of currencies from Kazakhstan's trading partners.
Real Exchange Rate
The real effective exchange rate (REER), adjusted for inflation, was last recorded at 118.9 points in February 2026, up 2.0% month-on-month. Without oil trade, the REER reached 123.4 points, a 1.9% increase. This suggests that prior to March, the real exchange rate was already on an upward trend, potentially affecting Kazakhstan's price competitiveness.
What's Next
The next REER data release will provide further insights into Kazakhstan's competitiveness. It remains unclear if the nominal strengthening will be offset by inflationary pressures.
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Kazakhstan's Tenge Strengthens 3.9% in March, Boosting Nominal Exchange Rate
