Kazakhs boost euro purchases 23-fold in June, dollar buying nearly doubles
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Kazakhstanis sharply increased purchases of euros and dollars at exchange offices in June, with euro buying surging more than 23-fold year-on-year to 25.7 billion tenge. Dollar purchases jumped 94% from May to 126.5 billion tenge, while the public continued to sell Russian rubles, though at a slower pace.
Euro Purchases
Kazakh citizens bought 25.7 billion tenge worth of euros at exchange offices in June, a 23-fold increase from 1.1 billion tenge in June 2025, according to National Bank data. Month-on-month, purchases more than doubled from 11.6 billion tenge in May. The surge marks the highest monthly euro buying on record, reflecting a sharp shift toward the European currency.
Dollar Demand
Dollar purchases in June reached 126.5 billion tenge, a 93.7% increase from May’s 65.3 billion tenge. Compared to June 2025, demand rose 15.6% from 109.4 billion tenge. Despite the monthly spike, total dollar purchases in the first half of 2026 were 686.6 billion tenge, down 2.9% from the same period last year, indicating a volatile demand pattern.
Ruble and Other Currencies
Exchange offices bought Russian rubles from the population for 17.5 billion tenge in June, down 41.7% from May and 56.8% from a year earlier. Ruble sales have been declining steadily since December 2024. Meanwhile, purchases of British pounds tripled month-on-month to 308.3 million tenge but fell 38.1% year-on-year. Chinese yuan buying slipped 11.5% from May to 76.9 million tenge, contrasting with net sales a year ago.
What's Next
The National Bank’s next monthly report will indicate whether the sharp rise in euro and dollar demand persisted in July. It remains unclear if the trend reflects a structural shift in savings behavior or a short-term reaction to currency volatility.
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Kazakhs boost euro purchases 23-fold in June, dollar buying nearly doubles
