Kazakhstanis Again Deinvesting in Rubles

Demand for rubles has fallen again in Kazakhstani exchange offices. According to September data, the Russian currency is being sold more often than bought, Orda.kz reports.

According to the information provided by Kazakhstan's National Bank, in September, the value of rubles that Kazakhstanis sold to exchange offices exceeded the volume of Russian currency purchases by 239.3 million tenge.

The most active sale of rubles took place in Astana. Astana exchange offices received 7 billion 156.4 million tenge in Russian currency. Demand for the ruble also decreased in the Almaty, Qyzylorda, and Turkestan regions. 

Rubles are still actively purchased in the East Kazakhstan and Qaraganda regions. Relatively high demand also remains in other regions that border Russia, particularly the Atyrau region and WKR.

In 2024, demand for rubles in Kazakhstan fell sharply from March to mid-summer. It later declined to a record low in July, rose sharply in August, and is now declining again.

Meanwhile, demand for dollars in Kazakhstan's exchange offices is only growing - it has almost reached a record level for the year, second only to January's figures. In September, Kazakhstanis bought 169.5 billion tenge worth of dollars. The increased purchase of dollars is against the backdrop of a significant weakening of the national currency. In October, it reached its notably low figures of the past year.

Demand for euros in Kazakhstan's exchange offices has also grown after an eightfold drop in August.

Original Author: Nikita Drobny