BAKU, Azerbaijan, March 14
Trend:
Trading on the Kazakhstan Stock Exchange (KASE) for the tenge - US dollar currency pair was carried out in the form of a Frankfurt auction to prevent destabilization of the situation in the local foreign exchange market on March 9, 2022, Trend reports via the press service of the National Bank.
National Bank's foreign exchange interventions amounted to $198.9 million, or 94.4 percent of the total trading volume per day.
The National Bank conducts foreign exchange interventions to prevent the transfer of external shocks to the country's economy and to maintain balance in the local foreign exchange market. Their volume amounted to $421.9 million, or 59.2 percent of the total volume of exchange trading, during the past week.
Foreign currency sales to ensure transfers from the National Fund to the republican budget last week amounted to $240.2 million.
The share of foreign exchange interventions of the National Bank and sales from the National Fund amounted to 92.9 percent of the total trading volume.
Tenge volatility, in the short term, will depend on sanctions, expectations of local participants and the situation on the world markets.
The National Bank continues to work on the transition to a full-fledged inflation targeting regime, a necessary condition for which are structural changes in the economy and adherence to the principles of free floating of the exchange rate, also noted.