Kazakhstan's Tenge Fluctuates Amid Oil Price Drop and US GDP Boost
The tenge, Kazakhstan's national currency, has seen fluctuations in recent days, with experts attributing this to various factors. The official rate on September 30 stood at 548.79 tenge per dollar, while exchange offices sold the American currency at 550-551 tenge. Experts do not anticipate significant or sharp fluctuations in the future.
The decrease in oil prices has contributed to the depreciation of the tenge. Additionally, strong US bank and employment figures have bolstered the dollar on global markets, further influencing the tenge's value. Experts do not expect substantial changes in the rate due to the potential intervention of the National Bank.
Yesterday's rate fluctuations were likely driven by a sudden increase in demand for foreign currency by one or several companies. Analysts predict the dollar rate to hover around 541.6 tenge by the beginning of October and reach approximately 565 tenge within a year. The National Bank has taken steps to stabilize the currency, including interest rate hikes, foreign exchange market interventions, tightened monetary policy, and enhanced regulatory oversight.
The National Bank stands ready to intervene further if necessary to maintain financial stability and manage inflation risks. Despite recent fluctuations, experts do not foresee significant or sharp changes in the dollar rate in the near future.
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