Published
05/22/2026, 12:05The Eurasian Development Bank expects the currencies of countries in the region to weaken against the U.S. dollar in the coming years. According to the bank’s baseline forecast, by 2028 the average annual exchange rate of the dollar in Russia could rise to 109 rubles, and in Kyrgyzstan—exceed 93 KGS.
Analysts estimate that the Russian ruble, after averaging 85 rubles per dollar in 2025, will weaken to 94 rubles in 2026, then to 104 rubles in 2027, and reach 109 rubles in 2028.
The Kyrgyz KGS, according to the EDB’s forecast, will also continue to gradually depreciate. While the average exchange rate in 2025 was 87.4 KGS per dollar, it is expected to reach 89.2 KGS in 2026, 91.9 KGS in 2027, and by 2028, the dollar will cost an average of 93.3 KGS.
According to the bank’s analysts, the Kazakh tenge will depreciate the most among the countries in the region. The EDB expects the dollar to rise from 469 KGS in 2024 to 578 KGS by 2028 (+23%).
In Uzbekistan, analysts estimate that the dollar will rise to 15,100 soums by 2028, while in Tajikistan, the somoni exchange rate will return to around 10.8 per dollar after a temporary strengthening.
The Belarusian ruble, according to the forecast, will be the most stable currency among the countries in the region. The bank expects the dollar exchange rate in Belarus to rise from 3.08 Belarusian rubles in 2025 to 3.89 by 2028.
At the same time, the EDB expects a gradual slowdown in economic growth in several countries in the region. For Kyrgyzstan, the GDP growth forecast remains one of the highest—9.3% in 2026, followed by a slowdown to 7.5% by 2028.
