BAKU, Azerbaijan, January 12. Kazakh tenge was supported in 2022 by sales of foreign exchange earnings by the quasi-public sector entities in the amount of $5.1 billion, Aliya Moldabekova, Deputy Governor at the National Bank of Kazakhstan, said, the National Bank of Kazakhstan told Trend.
Other measures to support the Kazakh tenge included foreign currency sales to secure transfers from the national fund to the budget. These sales amounted to $4.3 billion.
The amount of foreign exchange interventions amounted to $1.4 billion in 2022.
Despite the scale of external shocks, the measures taken helped stabilize the situation in the foreign exchange market stabilized quickly.
The exchange rate of the Kazakh tenge decreased by 7.1 percent in 2022. The National Bank cites the strengthening of the US dollar, the risk sentiment of investors, and the currency dynamics of the developing countries.
“Thanks to the measures taken and exchange rate flexibility, the foreign exchange market quickly adapted to external shocks and was balanced in terms of supply and demand with a moderate level of volatility”, Moldabekova said.