More Than $250 Million: Kazakhstan's Gold and Foreign Exchange Reserves Change
Photo: Elements.envato.com
In October, $253 million was sold from the National Bank of Kazakhstan's gold and foreign exchange reserves. This is part of the asset conversion operation the National Bank utilized after purchasing shares of Kazatomprom, Orda.kz reports.
The National Bank's report on the currency market situation specifies that the tenge exchange rate weakened again in October. The dollar rose to 488.23 tenge, or by one and a half percent in a month. The trading volume on KASE in October increased from 222 to 278 million dollars on average per day and amounted to 6.1 billion dollars for the month as a whole.
Last month, over 1.3 billion dollars were sold from the National Fund to ensure transfers to the republican budget. The ENPF investment portfolio stopped purchasing currency on October 10 since the volume of the pension fund's foreign currency assets reached 40%.
According to the National Bank's forecast, $130-140 million will be sold from gold and foreign exchange reserves in November. To ensure transfers to the Republican budget, they will sell another $1.2 to $1.3 billion from the National Fund. They are not planning to purchase currency for the needs of the ENPF next month.
Original Author: Nikita Drobny
Latest news
- Suspect in Theft of $230,000 From Employer Extradited From Greece to Kazakhstan
- Steppe Near Aktau Cleared After Landfill Complaints, but Users Doubt the Problem Is Solved
- Why Markets Are Closing in Kazakhstan, According to the Ministry
- Kazakh Scientists Seek 10 Billion Tenge for Rare Metal Processing Research
- Georgia Becomes New Market for Kazakhstan’s Pork Exports
- Young Kazakhstanis Are Moving Into Trade and Working Overtime
- Russia Promises New Route for Kazakh Oil to Europe After Druzhba Halt
- National Fund Assets Reach $64.6 Billion as Kazakhstan Cuts Withdrawals
- Deputy Complains About Growing Rudeness and Aggression in Kazakh Society
- Deep Purple Plays Kazakhstan’s National Anthem at Almaty Concert
- Court Fines Activist in Case She Calls Politically Motivated
- Central Asian Leaders Back International Day for the Aral Sea and Its Main Rivers
- Kazakhstan Tightens Rules on Bank Loans to Related Parties
- Kyrgyz MP Reports Attacks on Kyrgyz Cars in Kazakhstan
- AI to Be Used to Monitor Methane Leaks in Kazakhstan
- Nuclear Power Could Cost Kazakhstanis Up to $0.19 per kWh, Expert Says
- Tokayev Criticizes Selective Use of the UN Charter
- Kazakhstan Plans to Print National ID Numbers on Pharmacy and Clinic Receipts
- Tokayev Says Snow Leopard Numbers in Kazakhstan Have Recovered
- Illusion of Stability: Expert Says Housing in Kazakhstan Could Rise in Price by Fall
