Tenge Strengthens After National Bank Intervenes
Photo: Elements.envato.com, ill purposes
The day after the National Bank of Kazakhstan pledged to support the national currency, the dollar began to retreat on the stock exchange, Orda.kz reports.
According to KASE, the average weighted exchange rate for the dollar on July 31 settled at 540.72 tenge. Compared to the previous day, the U.S. currency lost 5.48 tenge in value. At the same time, trading volume dropped significantly — by $250.7 million.
Throughout the day, the dollar fluctuated between 538.34 and 544 tenge on the exchange.
Just a day earlier, the exchange rate had surpassed the psychological threshold of 550 tenge.
The National Bank issued an official statement and announced direct currency interventions to stabilize the market. The regulator stressed that there were no fundamental economic reasons for such a sharp drop in the value of the tenge.
Original Author: Nikira Drobny
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