Kazakh National Bank tells about today`s currency market

Фото: nationalbank.kz 24.06.2022 101

Deputy Director of the Department of Monetary Operations of Kazakhstan National Bank Ivan Serdyuk spoke about the current situation in the currency market, El.kz reports.

First of all, he referred to the strengthening of the national currency.

"The main reason for this dynamics is the growth in demand for currency and the limited number of sellers in the market. General meetings of shareholders were held in joint-stock companies, we see a demand for dollars in connection with the beginning of dividend payments. The usual demand for the purchase of foreign currency for import operations remains. At the end of May, exporters sold foreign exchange earnings to pay taxes on mining and rent tax on exports during the so-called "big tax week". In June, we have not yet observed such volumes for sale. Therefore, banks send all clients-buyers to exchange trades, there are no counter flows inside, which creates an additional demand for currency," Ivan Serdyuk said.

According to him, the dynamics of tenge corresponds to the global trend. Rising U.S. government securities and the global strengthening of the U.S. dollar have weighed on the currencies of many developing countries.

Since the beginning of June, the dynamics of emerging market currencies has been mostly negative: there was a weakening of the Brazilian real by 10.7%, the Turkish lira - by 5.8%, the decline in the Indonesian rupiah, the Mexican peso and the South African rand was about 2%. At the same time, the index of currencies of developing countries J.P. Morgan fell by 2.2%.

Ivan Serdyuk also noted that despite on the unstable geopolitical situation in the world, the National Bank did not buy currency on the stock exchange to replenishments.

"Since the beginning of June, the National Bank has not participated in the auction in order to influence the exchange rate at the expense of gold and foreign exchange reserves, that is, it has not intervened. As has already become a tradition, we will publish information on our operations in the foreign exchange market in June, whether it is gold and foreign exchange assets, the National Fund or the UAPF, on the first working day of the next month At the same time, in order to carry out transfers to the budget, foreign currency was sold on behalf of the National Fund, since the beginning of June the volume has amounted to $ 408 million, - said Ivan Serdyuk.