ASTANA, Kazakhstan, February 6. Dutch ING, one of the leading financial institutions, forecasts that one US dollar will equal 460 Kazakh tenge in the first quarter of 2024, Trend reports.
At the same time, ING economists forecast the tenge to gradually depreciate against the US dollar by 2024.
Thus, according to the estimate, one US dollar will be worth 460 tenge in the second quarter, 465 tenge in the third, and 470 tenge in the fourth.
However, the most substantial shift is anticipated by the end of the fourth quarter of 2025, when one dollar is estimated to be worth 500 tenge.
According to the National Bank of Kazakhstan, Kazakhstan's tenge exchange rate increased by 1.4 percent in January 2024 to 448.17 tenge per $1.
Throughout the month, the average daily trading volume on the Kazakhstan Stock Exchange fell from $176 million to $172 million. The overall trade volume was $3.6 billion.
Sales of foreign currency to ensure transfers from the National Fund to channel funds to the republican budget amounted to $1.05 billion in January.
The share of sales from the National Fund amounted to 29 percent of the total trading volume and no more than $50 million per day.