In July, Kazakhstan's national currency, the tenge, is experiencing a significant depreciation. The official exchange rate of one US dollar exceeding 545 tenge has alarmed economic experts.
Financial experts attribute this situation to a sharp increase in government budget expenditures aimed at supporting the economy.
At the same time, it is noted that the demand for foreign currency is rising due to businesses in the country mass purchasing equipment and technologies from abroad for modernization purposes.
According to Timur Suleimenov, Chairman of the National Bank of Kazakhstan, the depreciation of the tenge is influenced not only by fundamental factors such as oil prices and fluctuations in the currencies of foreign trade partners but also by a sharp increase in demand for dollars from the population, businesses, and the state, as well as some speculative actions.
The National Bank currently assesses the situation in the foreign exchange market as "under control," but this dynamic indicates a possible increase in dollarization among the population.
