Tenge weakens to 475.98 per dollar after NBK rate cut
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The Kazakh tenge weakened sharply on July 24, with the dollar rising to 475.98 tenge on KASE, up 9.76 tenge from the previous day. The move coincided with the National Bank's second consecutive rate cut, lowering the base rate from 17% to 16.75%.
Currency Slide
The dollar rose to 475.98 tenge on July 24, up from 466.22 tenge the previous day, according to KASE data. The euro climbed to 542.63 tenge, while the Russian ruble reached 6.1047 tenge. The sharp depreciation followed the National Bank's decision to cut the base rate to 16.75%.
Rate Decision Context
The National Bank reduced the base rate from 17% to 16.75% on July 24, citing slowing inflation that has declined for nine consecutive months. The regulator had previously noted that tenge strength had helped curb price growth. The prior cut, from 18% to 17%, occurred on June 5.
What's Next
The National Bank's next rate decision is scheduled for August 28. It remains unclear whether further rate cuts will be possible if the tenge continues to weaken, potentially reigniting inflationary pressures.
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Tenge weakens to 475.98 per dollar after NBK rate cut
