USD/KZT Exchange Rate Fluctuations During The Periods of High Volatility
📈 The USD/KZT exchange rate traditionally demonstrates sharp weakening of the tenge during periods of economic or geopolitical shocks, such as COVID-19 pandemic in 2020 or war in Ukraine in 2022.
However, after such jumps, there is a temporary strengthening of the exchange rate approximately up to the previous values, which may be driven by the National Bank’s interventions and stabilization of the external environment. In the long term, weakening of the tenge continues at a more moderate pace.
Based on today’s record intervention volumes, the National Bank is clearly interested in maintaining the exchange rate and restraining further devaluation, trying to strengthen the tenge amid external pressure.
В соответствии с пунктом 1 статьи 207 Социального кодекса РК, мужчины выходят на пенсию в 63 года, а женщины – по достижении 61 года. Многие пенсионеры не продолжают работать: им положены пенсионные выплаты. Раньше выплаты можно было получить, только когда наступил пенсионный возраст. Но в 2023 году приняли закон, который предусматривает досрочное снятие пенсионных накоплений в ЕНПФ – пенсионном фонде. Однако есть нюансы. Во-первых, снять можно только те средства, которые были получены за счет отчислений ОПВ – обязательных пенсионных взносов. Во-вторых, снятие доступно, если расходовать их планируется на конкретные цели.
Большинство компаний в РК, которые реализуют товары и оказывают услуги, кроме привычных налогов должны также уплатить налог на добавленную стоимость (НДС). Он начисляется на сумму, представляющую собой разницу между ценой, за которую купили товар, и ценой, за которую его продали. Чтобы компенсировать расходы производителя или продавца, в стоимость товара/услуг включают налог. Деньги, полученные при уплате НДС в РК в 2025 году, направляются в госбюджет и расходуются на актуальные нужды.
Investing is considered one of the most popular tools for generating passive income.
However, opinions about investing vary. Some believe it’s complex and requires expertise to make profitable deals. Others argue that it’s as easy as downloading an app and buying assets. Let's break down what investing is and how to start investing money in Kazakhstan.
A letter of credit is one of the possible settlement methods between a buyer and a seller. It represents a bank’s commitment, on behalf of the buyer, to pay the seller a specified amount in an agreed currency, provided that the seller submits documents confirming the shipment of goods or delivery of services.
Outlook and Perspective on the Tenge
According to the National Bank of the Republic of Kazakhstan (the NBRK), the average exchange rate against the U.S. dollar for the nine months of 2024 was KZT 458.7. As compared to the annual average exchange rate for 2023, there was an increase of 0.5% or KZT 2.5. When compared to the same period of the last year (nine months of 2023), the rate showed a rise of 1.3% or KZT 5.8.
The relatively low average value was due to favorable currency trends earlier in the year. The primary driver for the exchange rate dynamics was foreign currency sales by the National Fund (the NF). Withdrawals from the NF exceeded the planned figures outlined in the Social and Economic Development Forecast of the Republic of Kazakhstan (the SEDF) dated 3 September 2024 by KZT 300.4 billion following the results of eight months of the year, with transfer volumes for 2024 set at KZT 3.6 trillion. Meanwhile, as stated by the NBRK Governor on September 11, 2024, uncertainty remains around further NF withdrawals to cover the national budget deficit, causing an increased risk of pro-inflationary pressure and further reduction of the effectiveness of the State’s monetary policy.
No matter your preferred vacation style — beach, adventure, sightseeing, or shopping — you can find a destination where Kazakh citizens do not need a visa in 2025. There are many such places: Kazakhstanis can travel visa-free to 43 countries, and in 47 more, a visa can be easily obtained upon arrival at the airport.
Let’s explore the list of popular countries you can visit without a visa as a Kazakh citizen.
The internet is full of anonymous quotes like “Travel is the only thing you buy that makes you richer” or “If travel were free, you’d never see me again.” They reflect one unpleasant truth: traveling costs money — often a lot. But it’s entirely possible to see the world for much less than what tour operators typically offer.
How do you travel on a budget without sacrificing comfort and experience?
From TikTok to Instagram: How to Promote Your Business Online in Kazakhstan TikTok, Facebook, Instagram, and Telegram are often seen as platforms for chatting and viewing media. However, they are powerful tools for online business promotion: social networks gather a solvent audience and rely on advertising algorithms that help grow your brand, expand your customer base, and increase sales.
Where should you advertise your business online? How can you do it effectively?
Businesses that handle cash frequently need to deposit funds into a bank. However, transporting large sums of money can be risky. Cash collection services ensure secure transportation and help maintain the safety of your financial assets.
When entering into transactions that carry financial risks (such as buying an apartment under a shared construction scheme), an escrow account is often used. It is designed to protect the interests of both parties during unforeseen circumstances, secure the funds, and reduce the chances of misconduct. Escrow accounts can be opened by individuals, legal entities, and individual entrepreneurs.
According to the National Bank of Kazakhstan, over 1.2 billion transactions were made using bank cards in September 2024 alone, totaling more than 16.8 trillion tenge.
However, for a business to accept such payments, it must connect to a banking service known as acquiring.
Increased currency sale volumes support Tenge from excessive weakening
The third quarter kicked off for tenge with some exchange rate stabilization after a noticeable weakening in June. As a result, the average KZT exchange rate weakened by 6.07% by the end of July amid the decline in the National Fund operations in terms of currency sale volume. According to the results of July, foreign currency sales from the National Fund to ensure transfers to the republican budget amounted to $506 mln and about $984 mln as part of selling the currency to purchase Kazatomprom shares. In August, according to the forecasts of the Government, the National Fund will sell currency at similar levels of 500-600 mln. These transactions, in our opinion, support the exchange rate from excessive weakening. As we noted earlier, the level of KZT 480 per US dollar is an attractive level for market participants to sell the U.S. currency.
Both individuals and entrepreneurs may face situations where they lack sufficient personal funds for specific needs — for example, purchasing home appliances or raw materials for production. In such cases, the optimal solution is to apply for a bank loan. However, alongside standard loan products, banks in Kazakhstan also offer tools such as an overdraft, a credit line, and an account credit limit.
To enable a buyer to pay for goods and services in the Republic of Kazakhstan, it is necessary to create an invoice, which is more conveniently and quickly done online. This document is one of the primary ones in transactions between counterparties. How accurately it is filled out determines the successful transfer of funds to the seller or service provider's account.
Digital currency is a logical extension of Kazakhstan’s active digitization of its economy. As a result, in 2021, the National Bank of Kazakhstan launched a pilot project called “Digital Tenge,” developed with the participation of market representatives, experts, and international partners.
Our protagonist has proven through her experience that childhood dreams of creativity can be realized and turned into a stable business.
Bank CenterCredit continues its series of interviews with Kazakhstani entrepreneurs, and the latest video features Albina Abuzarova, co-founder of the typography studio «Art-Depo Studio».
The idea to start their own business came when Albina Abuzarova and her colleagues were working as employees at the same firm.
At that time, the existing "Bridge" gallery offered them to move into its additional space—a long, narrow, unheated balcony. This is where the work of the typography studio began—preparing exhibitions, creating catalogs, and closely collaborating with artists.
This series of interviews with Kazakhstani entrepreneurs continues with the story of Maria Lipinskaya, the founder of "AsiaEliteFoodGroup." Today, the company produces more than 50 types of dairy products, including sour cream, cream, and cottage cheese, and its workforce has long exceeded 50 employees.
However, 20 years ago, the thought of a massive production facility was not even a dream. Maria worked at a successful company, and a chance event led her to contemplate starting her own business. The owner of the enterprise where Maria worked decided to change the business's profile. These changes motivated Maria to take a bold step – she left her job and opened her own company specializing in the sale of raw materials and ingredients for dairy production. The company quickly gained a solid reputation in the market, actively developed, and expanded its list of partners. One of these partners suggested to Maria the idea of starting a joint venture.
Today in Kazakhstan, to pay for goods and services with a card, you don’t even need to take out your wallet – the transaction can be completed using your phone. This is contactless payment, which is facilitated by apps like Apple Pay, Samsung Pay, Google Pay, or Garmin Pay.