ASTANA – Rising oil prices driven by escalating tensions in the Middle East have not had a significant effect on Kazakhstan’s tenge, National Bank Chair Timur Suleimenov said on the sidelines of a Mazhilis on June 10.
Suleimenov said changes in oil prices typically affect the economy and currency with a lag of one to two months, meaning recent market movements have yet to be reflected in the exchange rate, reported Kazinform.
He added that Kazakhstan has experienced oil prices above $90, and even $110, per barrel in recent years, and that current levels are not expected to have a major impact on the tenge.
Suleimenov also said the government plans to keep its conservative oil price assumption of $60 per barrel in the draft 2026 budget, arguing that revising the benchmark upward could encourage unnecessary spending. He noted there are currently no grounds for changing the forecast.
