Kazakh National Bank does’t set goals to strengthen tenge (Exclusive)
Baku, Azerbaijan, Oct.8
By Leman Zeynalova – Trend:
The National Bank of Kazakhstan does not set goals to strengthen the country’s national currency, tenge, and intends to adhere to the floating exchange rate regime, Trend learned from the Department for Protection of the Rights of Consumers of Financial Services and External Communications of the National Bank of Kazakhstan.
"In the long term, under the conditions of floating regime, tenge’s exchange rate will be formed by fundamental factors, including oil prices, exchange rates of the countries of the main trading partners of Kazakhstan, the state of the balance of payments, inflation and world interest rates," the regulator said.
The National Bank said it intends to adhere to the free floating exchange rate regime, therefore, the tenge exchange rate will smoothly move towards an equilibrium long-term value under the influence of fundamental factors.
The exchange rate for the US dollar to Kazakhstan’s tenge stood at 373.71 on October 6, according to the National Bank of Kazakhstan.
On Monday, October 1, the weighted average rate at the Kazakhstan Stock Exchange (KASE) was at the level of 364.35 tenge per US dollar. Thus, during the trading week, the national currency of Kazakhstan fell in price by 9.36 tenge to the U.S. dollar.
According to the KASE, at the auction of the U.S. dollar in the day session on October 5, the minimum rate was at the level of 372,70 tenge per US dollar, the maximum rate — 374,93 tenge, and the closing rate — 373 tenge. The volume of trading on the U.S. dollar amounted to $75.65 million.
Meanwhile, the maximum selling rate of the U.S. dollar in exchange offices in Kazakhstan is 376 tenge.
Follow the author on Twitter: @Lyaman_Zeyn