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National Bank of Kazakhstan reveals foreign exchange market data

Kazakhstan Materials 1 February 2023 12:14 (UTC +04:00)
National Bank of Kazakhstan reveals foreign exchange market data
Emin Sevdimaliyev
Emin Sevdimaliyev
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BAKU, Azerbaijan, February 1. The National Bank of Kazakhstan purchased $120 million worth of foreign currency at exchange auctions in January, Trend reports, citing the National Bank of Kazakhstan (NBK).

This amounts to 5.8 percent of the total share of the market.

The average daily trading volume on the Kazakhstan Stock Exchange fell from $141 million to $103 million over the month. Total trading volume amounted to $2.1 billion.

According to the National Bank, the purchase was carried out to maintain the foreign exchange share of pension assets at the 30 percent level.

The NBK did not carry out currency interventions in January.

Meanwhile, the exchange rate of the Kazakh tenge strengthened by 0.5 percent to 460.52 Kazakh tenge per $1 in January.

Last year Nurzhan Tursunkhanov, Director of the Department of Monetary Operations of the National Bank of Kazakhstan, said that the NBK will purchase around $2 billion from Kazakhstan Stock Exchange in 2023. He added that in order to minimize the impact of the purchase on the foreign exchange market, the NBK will spread the purchase over the calendar year.

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