ASTANA, Kazakhstan, July 12. Analysts from ING, one of the leading financial institutions, predict a weakening of the Kazakh tenge against the US dollar until the end of 2025, Trend reports.
According to ING, by the end of the third quarter of 2023, it is forecasted that a dollar is going to be equal to 460 Kazakh tenge. The forecasts for subsequent periods also indicate a further weakening of the tenge. By the end of the fourth quarter of 2023, it is expected that the exchange rate will reach 465 Kazakh tenge per dollar, while in the first and second quarters of 2024, further weakening is expected to reach 470 Kazakh tenge.
ING analysts predict that the third quarter of 2024 is more likely to bring an even stronger weakening of the Kazakh tenge with an exchange rate reaching 475 tenge per dollar. The fourth quarter of 2024 is forecasted at 480 tenge per dollar.
However, the most significant change is expected by the end of the fourth quarter of 2025, when according to forecasts, one dollar is expected to be worth 500 tenge. This indicates the ongoing weakening of the tenge and its deterioration against the backdrop of the country's economic development.
If these forecasts come true, the exchange rate of the tenge to the dollar will demonstrate a stable trend of depreciation in the coming years. This may have an impact on Kazakhstan's economic situation, including imports, exports, foreign investments, and local business activities requiring currency conversion.
According to the National Bank of Kazakhstan, one dollar is equivalent to 441.14 Kazakh tenge on July 12.
ING Group is a Dutch multinational corporation that provides banking and financial services, with its headquarters in Amsterdam. Its main areas of activity include retail banking, direct banking, commercial banking, investment banking, wholesale banking, private banking, asset management, and insurance services.
