The National Bank of Kazakhstan has lifted the requirement for quasi-state-owned companies to sell 50% of their foreign exchange earnings, which had been in place for almost two years to support the foreign exchange market, Zakon.kz reports.
According to NBK Governor Timur Suleimenov, the decision was made due to the stabilization of the foreign exchange market, an improved balance of payments, and economic stability. The regulator believes that the need for administrative support for the tenge exchange rate has diminished. However, the mechanism may be reintroduced if new risks arise.
Analytical Commentary
The abolition of the mandatory sale of foreign exchange earnings signals Kazakhstan's transition from anti-crisis regulation to more market-based mechanisms for determining the national currency exchange rate. This measure previously increased the supply of dollars on the domestic market and curbed pressure on the tenge amid high volatility and growing demand for foreign currency.
Currently, the National Bank assesses the foreign exchange market as fairly stable: the balance of payments is improving, and import levels remain stable. The initial market reaction also indicates the absence of a sharp currency shortage—the dollar exchange rate remained in the range of 477–479 tenge after the decision was announced.
However, certain risks are possible in the medium term. Reducing mandatory foreign exchange sales could reduce the supply of foreign currency, especially if the external environment worsens, export revenues decline, or imports increase. The Kazakh economy remains sensitive to oil prices and global market conditions.
Overall, the lifting of restrictions is a signal of the regulator's confidence in the stability of the financial system, but maintaining tenge stability will depend on export trends, inflation, and the inflow of foreign exchange earnings into the country.
CentralasianLIGHT.org
July 13, 2026