Kazakh national bank looks to stabilize local currency’s rate
Baku, Azerbaijan, Sept. 22
By Elena Kosolapova - Trend:
Kazakhstan's National Bank says it continues currency interventions to stabilize the rate of the national currency - the tenge.
The National Bank said in a message Sept. 22 that it had a $213.1 million worth currency intervention at trades in the Kazakhstan Stock Exchange on Sept. 21.
Earlier, the Bank said the currency interventions are related to an increased volatility in the tenge's rate, which is due to the currency market participants' speculative operations amid the lack of objective and essential changes in fundamental macroeconomic factors.
The Bank started the currency interventions on Sept. 16 with an amount of $144 million.
On Sept. 17, the currency interventions totaled $270.4 million, and on Sept. 18 they stood at $213.1 million.
Earlier, on Aug. 20, the National Bank of Kazakhstan, with an aim of ensuring the implementation of a new monetary policy, canceled the currency corridor for the tenge's rate and switched to inflation targeting and free floating exchange rate.
As a result, the tenge's rate against the US dollar fell by 26 percent.
Edited by SI