National Bank of Kazakhstan plans to increase the volume of foreign currency sales from National Fund

In March 2024, the National Bank of Kazakhstan plans to increase the volume of foreign currency sales from the National Fund compared to February to support the national currency, El.kz reports.

The sales are reportedly expected to be between $700 million and $800 million. This exceeds the February figures, when $609 million was sold from the National Fund for transfers to the republican budget.

As part of maintaining the balance of the foreign currency share of pension assets, the Unified Accumulative Pension Fund (UAPF) plans to purchase from $450 to $500 million on the exchange in March. This is also more compared to February, when the National Bank purchased $400 million for the UAPF on the exchange.

It is noted that the tenge exchange rate against the US dollar in February weakened by 0.6%, reaching 450.65 tenge per dollar. In February, the National Bank did not conduct foreign exchange interventions.

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