Kazakhstan’s National Bank Implements Measures to Balance Exchange Rate Amidst Geopolitical Risks and High Volatility of Russian Ruble

NUR-SULTAN – The National Bank of Kazakhstan took measures to balance the foreign exchange market to ensure financial stability and prevent fluctuations of the national currency, reported Chair of the National Bank Galymzhan Pirmatov at the July 14 expanded government meeting headed by President Kassym-Zhomart Tokayev.

Chair of National Bank Galymzhan Pirmatov. Photo credit: Tengrinews.kz

“Targeted foreign exchange interventions of the National Bank contributed to the normal functioning of the foreign exchange market during the crisis period,” Pirmatov said.

The bank forecasts that the growth of the economy in the second half of this year will slow down but remain close to potential long-term levels. 

Pirmatov also mentioned the main risks that await the country’s economy in the coming months. 

“The main risks for further economic growth are the reduction of access to world markets for Kazakh exports and the adjustment of the economy to new conditions in the trading partners-countries,” he noted. 

Get The Astana Times stories sent directly to you! Sign up via the website or subscribe to our Twitter, Facebook, Instagram, Telegram, YouTube and Tiktok!