ASTANA, Kazakhstan, December 8. Dutch ING, one of the leading financial institutions, forecasts that one US dollar will equal 460 Kazakh tenge in the fourth quarter of 2023, Trend reports.
At the same time, analysts from ING expect a gradual depreciation of the tenge against the US dollar in 2024.
Thus, according to the forecast, in the first quarter, one US dollar will be equal to 460 tenge, in the second quarter, 460 tenge, in the third quarter, 465 tenge, and in the fourth quarter, 470 tenge.
However, the most significant change is expected by the end of the fourth quarter of 2025, when, according to forecasts, one dollar is expected to be worth 480 tenge.
According to the National Bank of Kazakhstan, Kazakhstan's tenge exchange rate strengthened by 2.4 percent to 458.24 tenge per $1 in November 2023.
Overall, the average daily trading volume on the Kazakhstan Stock Exchange during the month increased from $155 million to $192 million. The total trading volume was $4.2 billion.
Sales of foreign currency to ensure transfers from the National Fund to channel funds to the republican budget and purchase shares of KazMunayGas JSC (the national oil and gas company) amounted to $1.32 billion in November.
The share of sales from the National Fund amounted to 31 percent of the total trading volume and no more than $60 million per day.