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NBK to purchase foreign currency for pension assets in 2023

Kazakhstan Materials 25 January 2023 17:24 (UTC +04:00)
NBK to purchase foreign currency for pension assets in 2023
Emin Sevdimaliyev
Emin Sevdimaliyev
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BAKU, Azerbaijan, January 25. The National Bank of Kazakhstan (NBK) will purchase around $2 billion from Kazakhstan Stock Exchange (KASE) in 2023, Nurzhan Tursunkhanov, Director of the Department of Monetary Operations of the NBK, said, Trend reports, citing the press service of the National Bank.

The NBK notes that the purchases will be carried out as a response measure to the expected decline of the foreign exchange share in pension assets. Acquiring foreign currency is necessary in order to retain the share of foreign exchange at the 30 percent level.

Currently, the share of foreign currency amounts to 28.4 percent.

In order to minimize the impact of the purchase on the foreign exchange market, the NBK will spread the purchase over the calendar year.

However, the National Bank reassures that the purchase of foreign currency is minimal, relative to the size of the overall market. The annual trade volume of KASE amounted to $29.7 billion, consequently, a 2 billion purchase would be an equivalent of 6-7 percent of the total market.

The National Bank is the central bank of the Republic of Kazakhstan. The objective of the NBK is to ensure price stability in Kazakhstan, in addition to regulating fiscal and monetary policy.

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