Kazakhstan Tenge Fluctuates Sharply, Hits 19.4 Tenge Range Amid Oil Price Drop
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Kazakhstan's tenge experienced significant volatility from April 5 to April 10, 2026, with a fluctuation range of 19.4 tenge. The currency strengthened early in the week but reversed as Brent oil prices fell. Trading activity remained high, with an average daily volume of $382.7 million.
Currency Fluctuations
The tenge began the week strengthening to 460.4 per US dollar on Tuesday but reversed sharply by Thursday, reaching 479.8 per dollar. This reversal coincided with a decline in global Brent oil prices. By Friday, the tenge adjusted to 473.1 per dollar, marking a weekly fluctuation range of 19.4 tenge.
Trading Activity
Trading activity was notably high, averaging $382.7 million daily. The lowest volume was recorded on Monday at $258.1 million, while Wednesday saw a peak of $443.3 million. The increase in trading volumes during the tenge's upward reversal suggests heightened demand for foreign currency amid fears of further tenge weakening.
National Bank Intervention Measures
Deputy Governor Vitaliy Tutushkin announced mandatory sale of foreign exchange earnings to limit tenge fluctuations. The measure aims to stabilize the currency amid volatile oil prices.
First Tenge-Pegged Stablecoin Launch
Kazakhstan launched its first stablecoin, Evo, pegged 1:1 to the tenge. The National Bank announced the digital currency, named from the word 'evolution,' to provide stability compared to volatile cryptocurrencies.
What's Next
The National Bureau of Economic Research expects the tenge to remain within its forecasted range. However, local market factors may continue to influence its trajectory.
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Kazakhstan Tenge Fluctuates Sharply, Hits 19.4 Tenge Range Amid Oil Price Drop
