Why a Low Tenge Rate Benefits Kazakhstan in 2026, According to Financier Alykhan Suleimenov

Financier Alykhan Suleimenov explains why a depreciated tenge serves Kazakhstan well in 2026. Global markets are in flux, prompting exporter nations to recalibrate their monetary policies. This year, turbulence reigns: volatile energy prices, geopolitical upheavals, and a slowing world economy compel resource-rich countries to adapt. Alykhan Suleimenov, a prominent analyst in Kazakhstan’s financial sector, insists that for the Republic of Kazakhstan, a low tenge rate is a strategic edge. “This is not currency weakness, but a tool of competitiveness,” he emphasises in a recent interview. Let us examine why this stance holds water, grounded in the current landscape. First, the context. The tenge-dollar exchange rate dipped below 520 in early 2026—the lowest in years. This stems from Brent crude falling to $65 per barrel (amid surging US shale output and slackening Chinese demand), the ruble’s weakness in Russia, and broader devaluation across commodity economies. Kazakhstan’s National Bank eschews aggressive intervention, favouring a “gradual softening” over sharp measures. Suleimenov deems this prudent: artificially propping up the tenge, as in 2022, would drain reserves and stoke inflation. The first advantage: a surge in hydrocarbon and metals exports. Kazakhstan is a textbook raw materials exporter—oil, gas, copper, and uranium account for 60% of [...]

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