ING
July 13, 2026
KZT: Less Support From State FX Flows Warrants Attention
FX StrategyFXRates CreditOther
Kazakhstan has ended the mandatory FX conversion requirement for quasi-state firms. While the immediate impact is minimal, the broader decrease in state-led FX support supports a stable outlook for the tenge within the 475-500 range.
Key Takeaways
- 1.Kazakhstan is abolishing the requirement for quasi-state companies to sell 50% of FX export proceeds.
- 2.The broader trend of declining state support for the tenge is more significant than the specific policy change, which has limited impact.
- 3.ING expects USD/KZT to remain in the 475-500 range over the next 12 months.
Table of Contents
- KZT: Less support from state FX flows warrants attention
- Broader trend of gradually declining state support for FX warrants closer look
- FX sales/purchases by state and quasi-sovereign participants vs. USD/KZT
- Other state-related FX operations have been far more important
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Authors
Dmitry Dolgin
Securities
USD/KZT
Themes
Fiscal ConsolidationPortfolio Inflows
Regions
OtherKazakhstan
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