Kazakh tenge’s rate up since early 2017
Baku, Azerbaijan, March 1
By Elena Kosolapova – Trend:
The rate of Kazakhstan's national currency, tenge, increased from 340 tenges per dollar in early 2017 to 312.76 tenges per dollar as of March 1, according to Kazakh National Bank.
The lowest tenge rate since the beginning of 2017 was recorded on Jan. 22 when the rate of Kazakh national currency dropped to 383.9 tenges per dollar. The highest rate of 311.49 tenges per dollar was on Feb. 25-27.
Kazakh currency is rising despite no support from National Bank – the bank has not carried out any intervention in the currency exchange market to maintain or weaken tenge rate since September 2016.
Meanwhile, Kazakhstan’s state budget plan envisages an average rate of 330 tenges per dollar in 2017. The forecast was revised in February.
In November 2016, Kazakhstan expected the average rate to reach 360 tenges per dollar in 2017.
In the revised budget plan the government also upgraded its forecast for 2017 average oil price from $35 per barrel to $50 per barrel.