Tenge: Finance Experts Assess National Bank's Measures
Photo: Pixabay.com
On November 19, the National Bank announced urgent measures to stabilize the tenge exchange rate, Orda.kz reports.
Quasi-public sector companies will again be required to sell half of their foreign exchange earnings.
Finance specialists have assessed the measures. The Association of Financiers of Kazakhstan (AFK) noted that the tenge appreciated following the National Bank's statement.
The rate, which recently reached 500 tenge per dollar, strengthened slightly: after Tuesday's trading on KASE, the exchange rate was 497.18 tenge per dollar. On November 20, the dollar is already trading at 495.75 tenge on the exchange.
AFK believes that the mandatory sale of half of quasi-public sector entities' foreign exchange earnings can foster a significant appreciation of the national currency.
The peak of quarterly budget tax payments to the budget is expected on November 22-25, which will also support the tenge. Analysts believe the National Bank's measures may increase the supply of foreign currency by approximately $300 million per month.
In the previous period of a similar rule on the sale of foreign currency by QSE entities (from February to June 2023), the average monthly sales volume was $291 million,
the AFK noted.
The National Bank has stated that demand for foreign currency has grown on the domestic market, and the sale of half of the dollar revenue by the quasi-public sector will help ensure a stable supply.
The regulator hopes this will mitigate economic shocks and help the tenge exchange rate, which has once again "shaken" after Donald Trump's victory in the US presidential election.
Original Author: Nikita Drobny
Read also:
Latest news
- From Driverless Trucks to Car Leasing: What Kazakhstan’s Government Discussed Today
- Kazakhstani Gets 3 Years for Fake Army Abuse Story
- Almaty Man Beaten After Being Mistaken for a Drug Courier
- PIN Code Parcel Pickup and Hybrid Mail: Kazakhstan Changes Postal Rules
- Kazakhstan Schools to Bring In Officers for New Constitution Classes
- Kazakhstanis Rescue Two Pelicans Exhausted by Extreme Heat
- 719 Million Tenge Tobol River Sand Mining Case Goes to Court
- Which Kazakh Product Is Finding New Buyers Abroad?
- Kazakhstan Seeks UNESCO Status for Mangystau Rock Mosques
- Fire Breaks Out in Almaty Region Mountains
- 19 Forest Fires Reported Across Kazakhstan’s Protected Areas
- Patient Fined for Threatening Kostanay Medical Worker
- Six Die from Gas Poisoning During Sewer Repairs in Pavlodar Region
- Kazakhstan Considers FIA Grade 1 Racetrack in Atyrau
- Drone Attacks Continue at CPC Terminal: Another Oil Tanker Hit
- Pension Savings Will No Longer Receive Inflation Compensation
- Kazakhstan to Expand Three Refineries and Build a New One
- Kazakhstan Resident Wins Court Battle Over Jennifer Lopez Ticket
- Kazakhstan Extinguishes Four Forest Fires as Heat Continues
- Kazakhstan Demands Action After Drone Attacks on Tankers Carrying Its Oil
