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Monetary policy

Inflation and Inflationary Expectations
Inflation targeting
Base Rate
Exchange Rate Policy
Monetary Policy Guidelines
Monetary Policy Decision-Making Process
Press-releases on the Monetary Policy
Monetary Policy Instruments
Inflation Report
Enterprise Monitoring
FAQ Regarding the Monetary Policy

Exchange Rate Policy

The existing exchange rate policy regime is a floating exchange rate of the tenge. The exchange rate is formed under the impact of fundamental factors. The world oil prices as well as exchange rates of countries-main trading partners, Russia in the first instance, serve as key fundamental factors for the fluctuations of tenge.

A free floating exchange rate regime enables to effectively absorb emerging external shocks. Advantages of floating exchange rate regime are the market-based attaining of an equilibrium level of real exchange rate, maintaining competitiveness of domestic producers of goods, preventing significant imbalances in the current account and avoiding reduction in international reserves. The National Bank does not interfere in the exchange rate formation process, while reserving the right to intervene in order to prevent from dramatic fluctuations of the tenge exchange rate as well as to ensure the financial system’s stability. In general, interventions do not contradict to the floating exchange rate policy and may be used by central banks to build up the country’s international reserves.

Daily Official (market) Foreign Exchange Rates


During the period from January 6, 2016 to February 1, 2016 market exchange rates and official exchange rates, set by the National Bank, varied in calculation methodologies. The market exchange rate was calculated as an average exchange rate of tenge against US dollar on the morning (main) trading session at the stock exchange (at 11:00 Almaty time), and recalculation against other currencies was conducted at 15.00. The official exchange rate was calculated as an average of both trading sessions (morning and afternoon at 15.30 Almaty time), recalculation against other currencies was conducted at 16.00.

Starting from February 2, 2016 calculation methodologies for the official and market exchange rates are identical. Therefore, the exchange rates file is generated according to the previous methodology, which was effective before January 6, 2016. An archive on the market exchange rates during the period from of January 6, 2016 to February 1, 2016, can be found at "Statistics" section - "Exchange rates" - "Daily Market Exchange Rates (Archive)”.

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