The policy of a weak currency remains relevant as long as export revenues stay high. The tenge maintains a stable weakness despite the strengthening of the ruble, and the appreciation of the tenge is not a priority for the National Bank.
A weak tenge is also beneficial for extracting companies, which are key players in Kazakhstan's economy, as increased foreign currency earnings ensure growth in tax revenues and replenishment of the National Fund.
Although a cheap national currency raises the cost of imports and intensifies inflationary pressure, the National Bank considers this an acceptable compromise.
The National Bank opts for an independent strategy without pegging to the Russian ruble, as the dynamics of the ruble could lead to undesirable volatility and the transfer of economic risks from Russia.