Kazakhstan sets deviation limits for exchange rates
BAKU, Azerbaijan, May 8
By Nargiz Sadikhova - Trend:
Kazakhstan’s National Bank extended the validity period of the deviation limits of the tenge to US dollar and euro exchange rate, Trend reports with reference to the National Bank’s decree.
The validity period was extended till Jul. 1, 2020 and is applied to cash purchases.
“These measures are aimed to battle unjustifiably overstating the margin between the purchase and sale rates of cash currency at exchange points and ensuring financial stability in conditions of volatility in global financial markets,” the National Bank said.
The set limits of rate deviations are:
- Six tenge for the US dollars;
- Seven tenge for euros.
The National Bank emphasized that the set limits are not applied to the cashless exchange transactions.
The limits for exchange rates deviations were first set by Kazakhstan’s National Bank on Mar. 19, 2020 and were to last over the period of the emergency state in the country.
On March 15, 2020, Kazakhstan’s president signed a decree introducing an emergency state in Kazakhstan due to the coronavirus outbreak, which came in force on March 16 and was to last till April 15, 2020.
Later, by a decree of Kazakhstan's president, the emergency state period in Kazakhstan was extended till May 1, 2020, and then till May 11, 2020.
The first two cases of coronavirus infection were detected in Kazakhstan among those who arrived in Almaty city from Germany on March 13, 2020.
The latest data said that the total number of coronavirus cases in Kazakhstan reached 4,753, including 1,518 people who recovered from the coronavirus, and 31 patients who passed away.