The weighted average rate of the US dollar following the results of trading on March 31 at the Kazakhstan Stock Exchange amounted to 467.03 tenge, Kazpravda.kz correspondent reports.
“On March 31, following the results of trades on the KASE stock exchange, the tenge rate formed at the level of 467.03 tenge per US dollar, having strengthened by 5.7% since the beginning of March. The tenge strengthened against the backdrop of a correction in the international financial markets, as well as a period of tax payments,” the National Bank said in a statement.
It is also reported that in the short term tenge volatility will depend on changes in the geopolitical situation, the expectations of domestic participants and the situation on world markets.
At the same time, it is noted that the National Bank continues to work on the transition to a full-fledged inflation targeting regime, for which a necessary condition is structural changes in the economy, a decrease in concessional government lending, as well as adherence to the principles of free floating of the exchange rate.
"The National Bank has all the necessary tools to prevent destabilization in the domestic financial market in the event of negative scenarios and continues to monitor the situation," the country's main bank assured.
It should be noted that due to the high level of geopolitical tensions, the tenge reached a historical maximum of 512.17 tenge per US dollar as of March 15, 2022. However, after that, the trajectory of the movement of the national currency changed towards strengthening.
