Kazakhstanis Cool on Dollar Despite Favorable Exchange Rate
Photo: Orda.kz
In February, net purchases of cash dollars at exchange offices amounted to 136 billion tenge, which is 22.3% less than a year ago and 9.5% less than in January, according to the National Bank. Kazakhstanis have shown decreased interest in the American currency despite its consistent decline over the past few months, Orda.kz reports.
Since the end of September, the tenge has strengthened against the dollar by 12.2%. At the time of publication, the American currency was worth 482.86 tenge. The strengthening of the tenge makes it profitable to buy dollars with an eye to reselling if the trend changes.
Experts explained the strengthening of the tenge by the inflow of foreign investors into the market, as well as the sale of currency by exporters and the National Bank as part of transfers from the National Fund and mirroring gold purchases. Later, the tax period, during which businesses sell foreign currency earnings to pay taxes, added to the favorable factors for the tenge. In February, most factors had a weaker impact on the exchange rate (which is why Halyk Finance expected a moderate weakening of the tenge in March), but the national currency continued to be supported by oil, which was rising due to tensions around Iran, and a slightly weakening dollar.
Net purchases of the euro fell sharply year‑on‑year (by more than two‑thirds), but grew month‑on‑month (by 27.2%) and amounted to 10.5 billion tenge. The cross‑rate of the tenge to the euro has also risen consistently since last autumn and today stands at 556.6 tenge per euro.
Net purchases of the ruble turned positive for the first time in 14 months, reaching 1.06 billion tenge. In January, Kazakhstanis sold rubles worth 5.3 billion tenge; a year ago, they sold 12.4 billion
Original author: Alexey Afonsky
Read also:
Latest news
- Ministry of Health Reveals Leading Causes of Death Among Kazakhstanis
- Smell of Feces and Flooded Offices: The Conditions KTZ Employees Work In
- “We Are Less Prone to Corruption”: NSDP Members Discuss Women in Power and “Men’s Clubs”
- Auditors Reveal How Officials Diverted Tens of Billions of Tenge in Kostanay Region
- Kazakhstanis Cool on Dollar Despite Favorable Exchange Rate
- EAEU Looks to Speed Up Transportation Using AI
- Astana Resident Who Posted Story About Harassment in Army on Social Media Detained
- National Bank Allows Use of Old 10,000‑Tenge Bills Until 2027
- Parliament Adopts Law on Special Status of City of Alatau
- From Electric to Hybrid: Kazakhstan’s Changing Auto Market
- Kazakhstan Proposes Changes to Structure of Pension Contributions
- Three New Hydroelectric Power Plants to Be Built in Kazakhstan
- Life Up to 77 Years: New Healthcare Strategy Presented in Kazakhstan
- Kinopark Demanded "Entry Fees" for Film Distribution in Kazakhstan
- Could Kazpost Be Closed in Kazakhstan's Villages? Prime Minister Responds to Deputies' Concerns
- Kazakhstan Seeks to Introduce Compulsory Employment for IDPs and Kandas
- Residents of Almaty Demand Return of Baum Grove to Specially Protected Natural Area Status
- A Drone Again? Object Similar to UAV Found in Western Kazakhstan
- Problems of the Caspian Sea and Projects Worth Billions of Dollars – What Bektenov and Mishustin Discussed in Astana
- Senate Ratifies Protocol to Simplify Alimony Collection Abroad
