Kazakh tenge strengthens as Russian ruble falls 8% in July
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The Kazakh tenge strengthened against the Russian ruble in July, with the ruble losing more than 8% of its value. The average official exchange rate from July 1-21 stood at 6.07 tenge per ruble, down from 6.63 in June. The decline comes as net sales of rubles by Kazakh exchange offices remained negative at minus 66.6 billion tenge in January-May 2026.
Ruble Decline
The Russian ruble weakened sharply against the Kazakh tenge in July, reversing two months of gains. The average official exchange rate from July 1-21 was 6.07 tenge per ruble, 8.4% lower than the June average of 6.63 tenge. Since July 1, the ruble lost an additional 2.4%, dropping from 6.14 to 5.99 tenge by July 21, according to Ranking.kz data.
Regional Impact
The ruble's decline is particularly relevant for residents of Aktobe region, which borders Russia. Many locals travel to Russia for shopping, business, or family visits, and a weaker ruble reduces their expenses in tenge terms. Net sales of rubles by Kazakh exchange offices remained negative at minus 66.6 billion tenge in January-May 2026, indicating that exchange offices bought more rubles from the public than they sold.
Underlying Factors
The ruble's weakness coincides with tensions in Russia's fuel market, though analysts do not directly link the two. The Bank of Russia views fuel price increases as a pro-inflationary risk rather than a direct factor for the ruble. A reduction in daily foreign currency sales by the Bank of Russia, from 4.62 billion to 0.58 billion rubles in the second half of the year, may have reduced support for the ruble. Export revenues, import demand, and interest rate differentials also influence the exchange rate.
What's Next
The ruble's trajectory will depend on Russia's export earnings and central bank policies. It remains unclear whether the current weakness will persist or reverse in the coming months.
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Kazakh tenge strengthens as Russian ruble falls 8% in July
