ASTANA, Kazakhstan, June 5. The Eurasian Fund for Stabilization and Development (EFSD) has released its projections for the future exchange rate of Kazakhstan's tenge, Trend reports.
Based on the forecast, the tenge is projected to reach 467.5 against the US dollar by the end of 2024. In comparison, at the end of 2023, 1 US dollar was equivalent to 456.2 tenge.
In addition, EFSD expects the tenge to weaken further against the dollar and fall to 488.8 in 2025 and 510.1 in 2026.
EFSD expects the tenge to fall against the dollar as the National Fund sells less foreign currency and the difference between the National Bank of Kazakhstan's rate and rates overseas decreases.
Meanwhile, Kazakhstan's tenge exchange rate weakened by 1.2 percent to 447.25 tenge per $1 in May 2024.
The average daily trading volume on the Kazakhstan Stock Exchange for the month increased from $234 to $251 million. The total trading volume was $5 billion.
Sales of foreign currency to ensure transfers from the National Fund to channel funds to the republican budget amounted to $800 million in May 2024.
The National Fund's share of sales amounted to 16 percent of the total trading volume, or no more than $40 million per day.
