ASTANA, Kazakhstan, December 2. In December 2024, the National Bank of Kazakhstan expects to sell currency from the National Fund in the range of $800 to $900 million, Trend reports.
When conducting operations with the funds of the National Fund, the National Bank of Kazakhstan adheres to the principle of market neutrality, which implies regular and uniform sales of foreign currency. For this purpose, based on preliminary forecast requests from the government for transfers to the republican budget, the National Bank will sell currency from the National Fund.
The average daily trading volume on the Kazakhstan Stock Exchange for the month decreased from $278 to $262 million. The total trading volume amounted to $5.5 billion, reported the National Regulator.
To ensure transfers to the republican budget, 1.26 billion dollars were sold from the National Fund in November. The share of sales from the National Fund accounted for 23 percent of the total trading volume, with no more than $60 million per day.
It is also worth noting that from November 15 through November 28, the National Bank conducted currency interventions, and the total volume of currency sales at the end of the month amounted to $1.047 billion.
To note, on November 29, the National Bank of Kazakhstan raised its key rate from 14.5 percent to 15.5 percent. A few days earlier, the exchange rate of the dollar crossed the psychological mark of 500 tenge. In the country's exchange offices, the exchange rate reached up to 526 tenge per US dollar.