ASTANA, Kazakhstan, July 1. The National Bank of Kazakhstan plans to sell between $600 million and $700 million from the National Fund in July 2025, Trend reports.
The national regulator of Kazakhstan stated that $800 million was sold in June. This allowed for the allocation of transfers to the republican budget.
Sales from the National Fund accounted for 17 percent of the total trading volume, or approximately $40 million per day.
"According to preliminary government requests for transfers to the republican budget in July, the National Bank expects to sell between $600 million and $700 million from the National Fund. As part of mirroring operations in June, 213 billion tenge (approx. $404.7 million) was sterilized. In July, it is expected that currency equivalent to 290 billion tenge (approx. $551 million) will be sold for this purpose," the National Bank reported.
However, no foreign exchange interventions were conducted in June. The volume of foreign exchange revenue sold last month amounted to about $322 million.
To maintain the foreign currency share of the Unified National Pension Fund (UNPF) assets at no less than 40 percent, the National Bank purchased foreign currency on the exchange in June. The total amount was $188 million, or about 4 percent of total trading volume.
"As the fiduciary manager of UNPF pension assets, the National Bank will continue purchasing foreign currency depending on market conditions in order to diversify the portfolio and achieve real long-term returns," the statement said.
At the same time, the planned volume of foreign currency purchases in July will not exceed $100 million.
As for the national currency, the tenge depreciated by 1.7 percent in June, reaching 519.73 per US dollar. The average daily trading volume on the Kazakhstan Stock Exchange decreased from $238 million to $235 million over the month. The total trading volume amounted to $4.7 billion.
