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Demand for euro falling in Kazakhstan

Business Materials 21 April 2015 17:16 (UTC +04:00)
Euro is becoming less popular in Kazakhstan, according to the analytical service Ranking.kz.

Baku, Azerbaijan, Apr. 21

By Elena Kosolapova - Trend:

Euro is becoming less popular in Kazakhstan, according to the analytical service Ranking.kz.

In January and February, the exchange offices in the country sold the minimal volumes of the European currency, for only 21.2 billion tenges (185.8 tenges = $1).

In 2014, the average monthly sales stood at 37.7 billion tenges.

The analytical service said the demand for euros has been lagging behind the demand for rubles during the past six months.

In February, the exchange offices registered the record sales gap between the European and Russian currencies. In the tenge equivalent, euro was bought four times less than the ruble - 21.2 billion tenges versus 84 billion tenges.

For comparison, in 2012, the ruble, in terms of the sale volumes, exceeded euro just one month, and only three times throughout 2013.

The maximum gap between the sales of ruble and that of euro was registered in the Kyzyl-Orda region (21 times: 4.4 billion tenges against 0.2 billion tenges), Akmola region (18.4 times: 3.9 billion tenges against 0.2 billion tenges) and in Almaty (15.6 times: 6.5 billion tenges against 0.4 billion tenges).

Edited by CN

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Follow the author on Twitter: @E_Kosolapova

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