ASTANA, Kazakhstan, June 21. The Eurasian Development Bank (EDB) forecasts that one US dollar will equal 447.1 Kazakh tenge by the end of 2024, Trend reports.
At the same time, the EDB expects a gradual depreciation of the tenge against the US dollar in the coming years. As the bank noted, a decrease in export revenues will reverse the trend towards a strengthening of the tenge in the second half of 2024.
In addition, the bank's analysts believe that in 2025, one US dollar will be equal to 455.4 tenge, and in 2026 – 473.3 tenge. As the EDB explains, as the base rate decreases, the attractiveness of tenge assets will decrease, which will lead to a moderate weakening of the national currency.
According to the National Bank of Kazakhstan, Kazakhstan's tenge exchange rate weakened by 1.2 percent to 447.25 tenge per $1 in May 2024.
The average daily trading volume on the Kazakhstan Stock Exchange for the month increased from $234 to $251 million. The total trading volume was $5 billion.
Sales of foreign currency to ensure transfers from the National Fund to channel funds to the republican budget amounted to $800 million in May 2024.
The National Fund's share of sales amounted to 16 percent of the total trading volume, or no more than $40 million per day.