Economics

RK National Bank conducted foreign exchange interventions to support tenge for the first time since March

Photo: Kazpravda.kz/Adilbek Tauekelov
For the first time since March, the National Bank carried out foreign exchange interventions to support the tenge. This was reported by the Deputy Chairman of the National Bank Aliya Moldabekova, Kazpravda.kz reports with reference to the press service of the financial regulator.

According to Aliya Moldabekova, the markets were very volatile in September.

She noted that a combination of negative external factors led to an increase in demand in the foreign exchange market, trading volumes on the exchange in September reached $ 2.6 billion - this is the highest value since the beginning of the year, except for March, when the markets collapsed.

"In order to smooth out excessive volatility in the last three days of the month, when there was a sharp deterioration in external factors, both from the oil market and the dynamics of developing countries' currencies, the National Bank for the first time since March conducted foreign exchange interventions in the amount of $ 232 million. Sales were carried out on the exchange market from gold and foreign exchange assets and did not influence the formation of the general trend," Moldabekova said.

According to her, despite the increased demand for foreign currency during the month, the tenge was supported by sales from the National Fund as part of a guaranteed transfer in the amount of about $ 551 million, as well as sales of subjects of the quasi-public sector - in September they amounted to $ 300 million.

"In general, over the month, the Kazakh currency has weakened by 2.8% from 420.11 to 431.82," she concluded.
14:57, 8 October 2020
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