ASTANA – The Kazakh tenge reached 550 per US dollar during trading on July 30, weakening by 5.8% since the beginning of the month or by 4.7% since the start of the year, the National Bank of Kazakhstan (NBK) reported.
Photo credit: kapital.kz
In conditions of extremely low liquidity in the foreign exchange market and signs of increased speculative pressure, the NBK has begun foreign exchange interventions.
The underlying economic conditions remain favorable: global oil prices consistently exceed $70 per barrel, and the US dollar is on a general weakening trend worldwide.
In this regard, the current depreciation of the tenge does not reflect fundamental factors and indicates the undervaluation of the national currency.
The NBK stated it is closely monitoring both exchange and over-the-counter currency markets and is ready to promptly take measures if needed to prevent destabilizing fluctuations, restore balance in currency supply and demand, and ensure stable market operations.
