Kazakhstan's Tenge Steadily Strengthening Against US Dollar

(MENAFN- Trend News Agency) ASTANA, Kazakhstan, May 3. Kazakhstan's tengeexchange rate strengthened by 1.1. percent to 442.05 tenge per $1in April 2024, Trend reports, citing the National bank ofKazakhstan.

In April 2024, sales of foreign currency were worth $1.056billion to ensure transfers from the National Fund to channel fundsto the Republican budget.

The National Fund's share of sales amounted to 21 percent of thetotal trading volume, or no more than $48 million per day.

To keep the Unified Accumulative Pension Fund (UAPF)'s foreignexchange share of pension assets at 30 percent, the National Bankpurchased $500 million in foreign currency at exchange trading inOctober, or 10 percent of the market volume.

The National Bank did not conduct foreign exchange interventionsin March.

In addition, based on government estimate demands for republicanbudget transfers in May 2024, the National Bank anticipates to sell$750-$850 million in currency from the National Fund.

The foreign currency share of UAPF pension assets will bemaintained in May 2024 with $450 to $500 million in purchases.


Trend News Agency

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