Astana, Kazakhstan, April 3. Kazakhstan to
continue currency sales in effort to support budget and pension
funds, Trend
reports via the National Bank of Kazakhstan.
According to the National Bank of Kazakhstan, currency sales
from the National Fund in March amounted to $748 million. The tenge
exchange rate weakened by one percent in March, reaching 504.27
tenge ($1) per dollar. The trading volume on the Kazakhstan Stock
Exchange increased to $4.1 billion.
“Currency sales from the National Fund in March amounted to $748
million, which allowed for the allocation of transfers to the
republican budget, as well as the financing of the infrastructure
project for the construction of the Taldykorgan-Usharal main gas
pipeline. The share of sales from the National Fund accounted for
18 percent of the total trading volume, or about $44 million per
day,” the statement reads.
Based on the government’s preliminary projections for transfers
to the national budget in April, the National Bank expects currency
sales from the National Fund to total between $950 million to
$1,050 million.
The National Bank did not conduct currency interventions in
March but continued purchasing foreign currency to support the
assets of the Unified National Pension Fund (UNPF), acquiring $250
million. The forecasts for the tenge exchange rate depend on global
markets, tax payments, and the geopolitical situation.