National Bank Issues Statement Following Tenge Drop, Cites Global Volatility

After the tenge weakened to 519.12 per dollar on April 7, the National Bank of Kazakhstan issued a statement, assuring it would continue supporting the exchange rate without direct currency interventions, Orda.kz reports.

The regulator attributed the volatility to global market shifts, including falling oil prices and reduced investor appetite amid recent actions by the Trump administration. Oil fell over 14% in a week, dropping below $65 per barrel — a key factor for the tenge.

Additional pressure on oil prices was exerted by the OPEC+ decision to accelerate the lifting of previously adopted restrictions on oil production, as well as Saudi Arabia’s announcement that it would reduce prices for all grades of oil for Asian buyers by $2.3 per barrel — the largest reduction since October 2022,
the National Bank stated. 

Other currencies also saw declines. 

The bank added that higher foreign currency demand, particularly from non-residents, contributed to the pressure on the tenge. On April 7, trading volume reached $456.4 million on KASE — nearly double the daily average since the start of the year.

The National Bank confirmed it would continue supporting the tenge, but did not specify whether market interventions were planned.

Original Author: Nikita Drobny