Tenge: Finance Experts Assess National Bank's Measures
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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
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