At the end of June, the exchange rate of the national currency was formed at 470 tenge per dollar. According to the National Bank of Kazakhstan, it weakened by over 13 percent.
“Despite favorable energy prices, the national currency rate weakened amidst the limited supply of currency and a simultaneous growth in demand for the currency. The decrease in the supply of currency is associated with a reduction in sales of currency to exporters to pay taxes, whereas the growth in demand is associated with the start of dividend payments,” the National Bank of Kazakhstan reports.
The National Bank did not intervene in June. In the near future, the tenge will continue to depend on the geopolitical situation, the situation on world markets, as well as on the expectations of domestic participants.
