Kazakhstan's National Bank Boosts Currency Sales to $1.4 Trillion in Q4
The National Bank of Kazakhstan has announced significant currency sales and market operations for the fourth quarter. In September, it withdrew 290 billion tenge and sold $500 million from the National Fund. The tenge weakened by 1.9 percent against the dollar.
Looking ahead, the National Bank plans to sell approximately 1.4 trillion tenge in foreign currency in the fourth quarter. In October, it expects to sell currency from the National Fund in the range of $600 to $700 million. This follows September's sales volume of $378 million.
The average daily trading volume on the Kazakhstan Stock Exchange (KASE) increased to $248 million in the past month, totaling $5.2 billion. Despite the currency sales, the National Bank did not conduct interventions in September and has no plans to purchase dollars for the investment portfolio of pension assets in October.
The National Bank's currency sales and market operations aim to manage the tenge's exchange rate and maintain stability. The increased trading volume on KASE indicates growing activity in the stock market today. The tenge's depreciation in September reflects these market dynamics.
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