Tenge Exchange Rate Forecast 2025
According to the National Bank, the annual average exchange rate was at the level KZT 469.1 per US dollar in 2024. As compared to 2023, the annual average exchange rate depreciated by 2.8% or KZT 12.9.
However, at the end of 2024, the KZT/USD exchange rate depreciated by 15.2% or KZT 68.98, reaching KZT 523.5 per USD at the year-end.
As expected by BCC Invest analysts, with all other conditions being equal, the exchange rate will stabilize, but the weakening trend will continue. In 2025, the exchange rate will be KZT 528.1 per US dollar on average. According to the baseline scenario, the exchange rate will be KZT 533.4 per US dollar at the end of 2025. Under the optimistic scenario, the exchange rate may appreciate to KZT 506.1, while under the pessimistic scenario, it may depreciate to KZT 561.9 per US dollar.
In January, the exchange rate is expected to average KZT 521.4 per US dollar with fluctuations ranging between KZT 517.8 and KZT 525.1, with all other
