Tenge Weakens Five Percent In May As National Bank Reports No Interventions
Illustration: elements.envato.com
The tenge weakened by 5.1% in May, reaching 486.51 per U.S. dollar, Orda.kz reports.
The National Bank disclosed data on its foreign exchange market operations and currency sales from the National Fund.
In May, the regulator sold $500 million from the National Fund to secure transfers to the republican budget. These operations accounted for about 7.5% of total foreign exchange trading volume, or nearly $29.4 million per day.
In June, however, the volume of such sales is expected to be reduced to $200 million–$300 million.
Despite the tenge’s weakening, the National Bank did not carry out currency interventions in May. This means the regulator did not directly intervene in the market to support the exchange rate.
The financial regulator noted that the tenge’s further dynamics will depend on market participants’ expectations, tax payments, global market conditions, and the geopolitical situation.
After evening trading on KASE on June 1, the U.S. dollar stood at 489 tenge.
Original author: Rustam Muratov
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