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
- Ecology Ministry Explains 13 Million Tenge Fine For Picking Dandelions
- Kazakhstan Refineries Increase Oil Processing Depth To 90%
- High Rates No Longer Keep Kazakh Banks’ Profits Rising, Analysts Say
- Almaty Health Officials Prepare for Possible Hantavirus Cases
- Ministry Says Saiga Deaths Remain Within Natural Limits
- Kazakhstan Faces Shortage of Doctors and IT Specialists
- Kazakhstan Petition Calls for VAT Removal on Feminine Hygiene Products
- Kazakhstan to Publish Register of Convicted Economic Crime Offenders
- Kazakhstan’s Economy Grew 3.6% in Four Months
- Shymkent Colleges Used Fictitious Students to Steal Over 1.3 Billion Tenge
- Almaty Court Extends Chechen Activist’s Extradition Arrest
- Record Rainfall Hits Almaty
- Falling Caspian Sea Level Reshapes Northern Coastline
- Kazakhstan Says It Is Ready To Help Resolve Iran’s Nuclear Issue
- Pashinyan Explains Why He Will Skip The EAEU Summit In Astana
- Kazakhstan To Gradually Cut University Programs In Oversupplied Fields
- Kazakhstan Offers Indonesia A Route To Central Asia And Europe
- Kazakhstan Tightens Rules for Master Plans and Urban Development
- Kazakhstan Approves Rules for Digital Tenge Circulation
- Military Jets to Conduct Training Flights Over Astana
