TJS to KZT exchange rate
TJS — the official rate against the tenge: 48,67 ₸ now, −3,51% over the chosen period. The series starts on 01.11.1993.
The National Bank's official rate. The daily figures come from the bank itself; the depth back to November 1993, the month the tenge was born, comes from the Bank for International Settlements' monthly series.
TJS = 48,67 ₸ −1,77 · −3,51% 15.09.2026
The rate over time · TJS
How the tenge rate and inflation are formed
Both the dollar-to-tenge rate and inflation in Kazakhstan follow from two quantities the National Bank publishes itself: how many tenge exist and how many dollars sit in the gold and foreign exchange reserves. Below are both series since 1994 and what follows from them. The figures update themselves.
What the National Bank shows today
The rate, inflation, the target and TONIA are taken from the National Bank's own front page on 15.09.2026. The real rate and the deviation from target are computed from them. The Bank sets the base rate itself, announces the target itself, and publishes inflation itself.
The rules inflation and the rate follow
Four rules. Under each: what every symbol means, what it equals, and which publication it came from. The figures are substituted from the latest data automatically.
Who issues the tenge
M3 = B × m
55,8 trn = 16,7 trn × 3,34
An identity, not a model: the multiplier is defined as the ratio of broad money to base. The base is issued by the National Bank — its own direct act. The multiplier is what banks do with that base, under its reserve rules and its rate.
The National Bank issued 16,7 trn of the 55,8 trn of broad money. Change over the year: base +14,05%, broad money +18,21%.
Where each symbol comes from
- B
- the monetary base — tenge issued by the National Bank itself 16,7 trn ₸ National Bank · monetary aggregates · July 2026
- m
- the money multiplier — tenge of broad money per tenge of base 3,34
- M3
- broad money supply 55,8 trn ₸ National Bank · monetary aggregates · July 2026
Where inflation comes from
M × V = P × Q ⇒ π ≈ ΔM − ΔQ
π ≈ 18,21 % − 6,50 % = 11,71 %
The equation of exchange: the quantity of money times the speed at which it circulates equals the price level times the volume produced. If that speed does not change, price growth equals money growth minus output growth. How much money is issued is decided by whoever issues it.
Money growth and output growth imply 11,71 %. The National Bank publishes 9,80 %: the 1,91 pp discrepancy is everything else that moves prices — the velocity of money, import prices, tariffs.
Where each symbol comes from
- ΔM
- money supply growth over the year 18,21 % National Bank · monetary aggregates · July 2026
- ΔQ
- real GDP growth 6,50 % World Bank · real GDP growth · 2025
- V
- the velocity of money assumed constant
- π
- inflation implied by the equation 11,71 %
Is money dear or cheap
r = i − π
r = 16,25 % − 9,80 % = +6,45 pp
The rate at which the National Bank lends to banks is a decision, not a measurement. Subtract inflation from it and you get the true cost of borrowed money.
The rate is 6,45 pp above inflation: borrowing costs more than prices rise.
Where each symbol comes from
- i
- the National Bank's base rate 16,25 % National Bank · base rate decision · 07.09.2026
- π
- published annual inflation 9,80 % National Bank · front-page indicators · 15.09.2026
- r
- the real rate, net of inflation +6,45 pp
How much currency stands behind the tenge
K = M3 ÷ R
K = 55,8 trn ÷ 63,3 bn = 881,52 ₸/$
All the tenge in the country divided by all the currency the country holds. Not a rate and not a forecast: the ratio of two published figures.
Each dollar of reserves carries 881,52 tenge, while the published rate is 474,63. The 1,9 times gap is the part of the money supply with no reserves behind it.
Where each symbol comes from
- M3
- broad money supply 55,8 trn ₸ National Bank · monetary aggregates · July 2026
- R
- gross international reserves 63,3 bn $ National Bank · international reserves · July 2026
- K
- tenge per dollar of reserves 881,52 ₸/$
- K₀
- the official rate for the same month 474,63 ₸/$ National Bank · official rate · July 2026
The promise and the measurement
Δ = π − π*
Δ = 9,80 % − 5,00 % = +4,80 pp
The National Bank announces the inflation target itself, and holds the instrument for meeting it. The gap is the distance between the promise and the measurement.
Measured inflation is 2,0 times the announced target.
Where each symbol comes from
- π
- published annual inflation 9,80 % National Bank · front-page indicators · 15.09.2026
- π*
- the announced inflation target 5,00 % National Bank · front-page indicators · 15.09.2026
- Δ
- the deviation from target +4,80 pp
Money supply M3 — how many tenge exist
Money supply Monetary base
In July 2026 the country holds 55,8 trn tenge, +18,21% over the year. Of that the National Bank issued 16,7 trn itself — the monetary base, +14,05% over the year; the rest banks created by lending on top of it. Each tenge of base carries 3,34 tenge of broad money. A logarithmic scale: the money supply grew by five orders of magnitude, and on a linear one the whole of the 1990s would collapse onto zero.
70 % of this money was created by the banks lending at the National Bank's rate; the rest the Bank issued itself. Neither appears without its decision.
Money supply and the dollar rate
Money supply Dollar rate
Both lines are rebased to 100 in the first month (January 1994): one is measured in tenge, the other in tenge per dollar, so they can only be compared as multiples. Since then the money supply has grown 6 776 times and the dollar rate 42 times. The scale is logarithmic: on a linear one the rate line would sit on zero and the difference in pace would be invisible.
The money grew 6 776 times and the dollar 42 times. The tenge falls for that reason: it is printed faster than the goods it buys are made.
Tenge per dollar of reserves
The money supply divided by the reserves. This is neither a rate nor a forecast but the ratio of two published numbers: as of July 2026 it is 881,52 ₸ per dollar of reserves, against an official rate of 474,63 ₸.
The gap is the part of the issued tenge with no reserves behind it. The National Bank issued them.
Reserves and the National Fund
Reserves National Fund
Gross reserves stand at 70,6 bn dollars and the National Fund's currency assets at 68,2 bn (August 2026). The vertical axis is in billions of dollars.
This is what stands behind the tenge that were issued, and the National Bank has charge of both: the reserves are its own, and it manages the Fund's assets in trust.
The National Bank's rate and inflation
Rate Inflation
Two series since 1994: the rate in force through each year, weighted by the days it held, and that year's inflation. Both figures describe the same period. Until September 2015 this is the refinancing rate, after it the base rate; on 27 October 2020 the National Bank set the first equal to the second. The chart can be dragged sideways. A logarithmic scale: inflation ran into thousands of percent in 1994, and on a linear one today's double digits would merge into a single line along the bottom.
What is left of a thousand tenge
What became of a thousand tenge of that year. The first column is what it buys today, counted in that same year's money: what accumulated inflation left of it. The other two are the dollars that thousand fetched then and fetches now.
| Year | What is left, in that year's prices | In dollars then | In dollars now |
|---|---|---|---|
| 1995 | 21 ₸ | 17,60 $ | 2,23 $ |
| 2000 | 111 ₸ | 7,17 $ | 2,23 $ |
| 2005 | 164 ₸ | 7,67 $ | 2,23 $ |
| 2010 | 267 ₸ | 6,75 $ | 2,23 $ |
| 2015 | 371 ₸ | 5,42 $ | 2,23 $ |
| 2020 | 544 ₸ | 2,64 $ | 2,23 $ |
Inflation, money supply and the rate by year
Three numbers per row: the rise in prices, the growth of money, and the change in the tenge rate over the same year.
Every row holds three consequences of one institution's decisions: how much money was issued, what became of the rate, and how prices answered.
| Year | Inflation | Money supply | Dollar rate | National Fund |
|---|---|---|---|---|
| 2026 | +5,75% | −11,42% | +6,80% | |
| 2025 | +11,39% | +15,53% | −3,73% | +8,59% |
| 2024 | +8,69% | +19,21% | +15,52% | −1,97% |
| 2023 | +14,53% | +11,68% | −1,75% | +7,69% |
| 2022 | +15,03% | +13,94% | +7,14% | +0,75% |
| 2021 | +8,04% | +20,79% | +2,59% | −5,82% |
| 2020 | +6,72% | +16,86% | +10,02% | −4,87% |
| 2019 | +5,33% | +2,44% | +0,57% | +6,49% |
| 2018 | +6,16% | +6,97% | +14,48% | −0,59% |
| 2017 | +7,44% | −1,73% | −0,29% | −4,71% |
| 2016 | +14,36% | +15,61% | −1,98% | −3,43% |
| 2015 | +6,68% | +33,78% | +86,46% | −13,38% |
| 2014 | +6,85% | +10,38% | +18,71% | +3,39% |
| 2013 | +5,94% | +10,22% | +2,21% | +22,21% |
| 2012 | +5,20% | +7,90% | +1,52% | +32,78% |
| 2011 | +8,45% | +14,96% | +0,40% | +40,82% |
| 2010 | +7,40% | +13,30% | −0,61% | +27,13% |
| 2009 | +7,32% | +19,47% | +22,85% | −11,34% |
| 2008 | +17,14% | +35,37% | +0,39% | +30,85% |
| 2007 | +10,85% | +25,89% | −5,59% | +49,06% |
| 2006 | +8,72% | +78,06% | −4,90% | +74,54% |
| 2005 | +7,58% | +25,16% | +3,06% | +57,36% |
| 2004 | +6,88% | +69,81% | −9,86% | +40,08% |
| 2003 | +6,44% | +27,03% | −6,71% | +91,28% |
| 2002 | +5,84% | +32,80% | +2,93% | +54,44% |
| 2001 | +8,35% | +45,09% | +3,94% | |
| 2000 | +13,18% | +44,96% | +4,56% | |
| 1999 | +8,30% | +84,37% | +64,92% | |
| 1998 | +7,15% | −14,13% | +10,92% | |
| 1997 | +17,41% | +28,16% | +3,07% | |
| 1996 | +39,18% | +16,58% | +14,62% | |
| 1995 | +176,16% | +108,95% | +17,86% | |
| 1994 | +1 877,37% | +759,90% |
Where the data comes from
National Bank of Kazakhstan — daily official rates.
Bank for International Settlements — the monthly series since November 1993; the rate against the tenge is derived through the dollar.
National Bank of Kazakhstan — the monetary base, broad money aggregates, international reserves and National Fund assets, monthly.
National Bank of Kazakhstan — the refinancing rate since 1992 and base rate decisions since 2015.
National Bank of Kazakhstan — front-page indicators: annual inflation, the inflation target, TONIA.
World Bank — annual inflation since 1994.
World Bank — annual real GDP growth.
TJS: data since 01.11.1993