National Bank Measures Fail To Support Tenge
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Maintaining the base rate and announcing the National Bank's purchase of gold failed to support the national currency, Orda reports, citing analysts from the Association of Financiers of Kazakhstan.
The dollar exchange rate dropped below 530 tenge last week but quickly rebounded above this level.
By Friday, the US dollar had gained 0.51 tenge. Trading volumes surged by 1.5x, reaching $223.3 million.
Probably, the supply of foreign currency from exporters, state-owned companies, and the National Bank (as part of operations to ensure budget transfers) was unable to fully meet the demand for it from individual economic entities as part of paying for import contracts and servicing external obligations, analysts believe.
Additionally, measures by the National Bank — such as keeping the base rate at 15.25% and announcing extra dollar sales through mirroring operations tied to gold purchases — failed to strengthen the tenge.
We have reported that today’s inauguration of Donald Trump could influence the dollar exchange rate.
Original Author: Igor Ulitin
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