BAKU, Azerbaijan, November 2. The Kazakh tenge weakened by 3% against the US dollar in October, reaching 453.77 tenge per dollar, according to the National Bank of Kazakhstan.
The average daily trading volume on the Kazakhstan Stock Exchange (KASE) declined from $474 million to $397 million during the month. Total trading volume amounted to $8.4 billion.
As part of its gold purchase mirroring operations, the National Bank sterilized approximately 302 billion tenge (about $665.4 million) in October. In November, the bank plans to sell foreign currency equivalent to the same amount.
To meet financing requirements under requests from the Government of Kazakhstan, the National Bank purchased $910 million from the National Fund. These funds will be sold on the domestic foreign exchange market as part of the mirroring of operations with the National Fund, taking market conditions into account. This is intended to keep the exchange rate aligned with fundamental factors and prevent sharp speculative fluctuations in the tenge.
The National Bank said it adheres to the principle of market neutrality when conducting operations involving National Fund assets and implementing the mirroring mechanism.
The National Bank did not conduct any foreign exchange interventions in October.
To maintain the foreign currency share of pension assets, the National Bank, acting as the investment manager of the Unified Accumulative Pension Fund (UAPF), purchased foreign currency on exchange trading platforms in October. The total amount of these purchases reached $568 million, or approximately 7% of total trading volume. Further decisions will be made based on market conditions as part of the management of pension assets.
According to the bank, in the short term, the tenge's performance will depend on market participants' expectations, quarterly tax payments, conditions on global markets, and changes in the geopolitical situation.
The currency conversion was made based on the National Bank of Kazakhstan's exchange rate of 453.87 tenge per US dollar as of November 2, 2026.
