Ruble Sales Remain Negative in Kazakhstan

In July, the ruble again showed a negative balance in Kazakhstan’s exchange market despite the rising rate, Orda.kz reports, citing DataHub.

Currency exchange offices bought more rubles from the public than they sold. Net sales amounted to minus 53.2 billion tenge, leaving exchangers with a large volume of Russian cash — roughly equivalent to USD 100 million:

Thus, the negative dynamics have been maintained for the eighth month in a row - all this time, rubles are being sold more than bought. At the same time, the exchange rate continues to grow: in July, the average level was 6.71 tenge per ruble against 6.54 tenge in June.

At the same time, net sales of other currencies increased. According to the National Bank, dollar transactions grew by 10% compared to June, reaching 120.8 billion tenge.

Euro sales by exchangers totaled 5.7 billion tenge — five times higher than the June base, though still far from record levels.

Original Author: Ruslan Loginov