Demand for dollars in Kazakhstan for the month fell 5 times, El.kz reports with reference to the First Credit Bureau.
In June, net sales of the US currency by exchange offices amounted to 42.4 billion tenge against 209.3 billion tenge. The current level of demand is the worst since April 2020 (35.9 billion tenge), when exchangers did not work due to quarantine. For example, in March of this year, when there were no dollars, net demand amounted to 64.9 billion tenge," the publication says.
Analyzing the reasons, the authors emphasize that "the dollar rises in price not for the first time and this has not ever led to such a sharp decline in indicators."
"However, it is possible that Kazakhstanis began to sell the previously purchased currency more actively in order to "fix profits". But from the format in which the National Bank publishes data, it is impossible to know this. On the other hand, this money should appear somewhere: in deposits, trade indicators, demand for gold, etc. But we can`t see it yet, "the authors of the study write.
As the next option is that "an expensive ruble in Kazakhstan made it profitable for Russians to travel to Kazakhstan."
"They exchange dollars and rubles, buy everything at favorable prices for themselves. For this point of view are low net sales not only of the dollar, but also of the ruble. Against - indicators of the same retail trade. In June 2022, it amounted to 1 trillion 345 billion tenge. And this is only 7.9% more than a year earlier”, the publication says.