Kazakh National Bank keeps national currency stable
The National Bank of Kazakhstan continues to carry out foreign exchange intervention to stabilize the national currency, tenge, the Bank reported on October 1.
“The National Bank continued its foreign exchange interventions at the auction of Kazakhstan Stock Exchange JSC in the amount of $225 million on September 30,” the message said.
Earlier in August, the National Bank of Kazakhstan, with the aim
of ensuring the implementation of a new monetary policy, canceled
the currency corridor for the tenge’s rate and switched to an
inflation targeting and free floating exchange rate.
As a result, the tenge’s rate against the US dollar fell by 26
percent.
In mid September, the National Bank of Kazakhstan said it started to hold the foreign exchange intervention due to the increased volatility of the exchange rate of the tenge, which is due to speculative operations of participants of the currency market in the absence of objective and significant changes in fundamental macroeconomic factors.
As a result of currency interventions, the tenge rate has increased from nearly 300 tenge/$1 in mid-September to 270.89 tenge/$1 as of October 1.
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