Tenge Index

Jusan Analytics team calculated the Tenge Index (KZTX JA)

The Index is calculated as the geometric weighted average of tenge exchange rates against foreign currencies (dollar, ruble, euro) multiplied by a scaling factor that brings the Index value to 100 on the base date of the index calculation (December 2018). We do not consider the earlier period, as we believe that from 2016 to 2018, exchange rate formation has adapted to new conditions – the floating exchange rate regime.

KZTX JA = 13 481,2*KZTUSD0.65*KZTRUB0.25*KZTEUR0.1

The formed Index reflects the purchasing power of tenge to the main foreign currencies used in trade and transfers. Thus, with the help of the Index, it is possible to judge the tenge strength, and not only concerning a specific currency. Accordingly, the growth of the tenge Index means the strengthening of the tenge against the major currencies, while the decline means the loss of the purchasing power of the domestic currency.

Coefficients reflect the currency structure of the Tenge Index:

  • US dollar – 65%;
  • Russian ruble – 25%;
  • Euro – 10%.

The selected distribution of shares for the Tenge Index reflects the average currency structure:

  • Kazakhstan’s trade turnover with the main trading partners,
  • currency payments and transfers,
  • currency transactions on the exchanging currency market and the cash foreign exchange market.

Even though there is a significant share between China and the European Union in trade, the main currency of payments in trade transactions is the US dollar. The currency structure will be reviewed by us no more than once every 2-3 years.

The Tenge Index can be used to analyze the behavior of the national currency to individual currency pairs and to understand what its dynamics is related: to the tenge strengthening itself or the weakening of a single foreign currency.

A detailed overview of the dynamics of the Tenge Index (KZTX JA), explanation and impact will be published within the Weekly Forex Review.


Interactive dashboards related to the dynamics of the Tenge Index are shown below. We recommend you using the desktop version of the browser or switching to the “PC Version” from the mobile version for comfortable reading. The setting can be found in the mobile browser menu – three dots in the right corner.

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