National Bank explained tenge strengthening

The Chairman of the National Bank of the Republic of Kazakhstan at a meeting of the Government announced the strengthening of the tenge in April, Kazpravda.kz reports.

Galymzhan Pirmatov recalled that in March, the geopolitical risks and the unprecedented volatility of the Russian ruble exchange rate put pressure on the tenge. As a result, on March 16, the tenge rate reached 512.17 tenge per dollar at the exchange auctions.

“The tenge exchange rate in March strengthened by 5.7% to 467.03 tenge per dollar. The exchange rate of the national currency continued to strengthen in early April - to the level of 449.63 on April 11,” the head of the National Bank said.

To limit the risks of financial stability, the National Bank, he added, carried out foreign exchange interventions on certain days, the volume of which totaled $990.5 million in March.

The tenge was also supported by the sales of the National Fund for transfers to the budget in the amount of $891 million and the sale of part of the foreign exchange earnings of the quasi-public sector entities in the amount of $233.4 million.