Kazakhstan’s Tenge Weakens, National Bank Reports
In August 2024, Kazakhstan’s tenge exchange rate depreciated by 1.6 percent to 481.61 tenge per US dollar, as stated by the National Bank of Kazakhstan. The average daily trading volume on the Kazakhstan Stock Exchange also saw an increase from $170 to $210 million, resulting in a total trading volume of $4.4 billion.
Foreign currency sales from the National Fund to support transfers to the republican budget reached $546 million, with 12 percent of the total trading volume coming from the National Fund. The National Bank bought $223 million in foreign currency to maintain the foreign exchange share of pension assets at 30 percent.
Furthermore, the National Bank conducted conversions by selling part of the National Fund’s foreign currency assets to bolster gold and foreign exchange reserves. Sales from these reserves in August totaled $24.5 million, with expectations of $230-$250 million in September.
Looking ahead, September 2024 forecasts indicate sales of currency from the National Fund amounting to $900 million – $1 billion, and foreign currency purchases to support UAPF pension assets ranging from $450 to $550 million.
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