US Dollar Falls to 493.36 Tenge on KASE, Official Rate at 499.83

The US dollar weakened against the Kazakh tenge during trading on the Kazakhstan Stock Exchange (KASE) on March 5. The weighted average exchange rate settled at 493.36 tenge per dollar, marking a decrease of 6.13 tenge from the previous session.

The National Bank of Kazakhstan set its official exchange rate for March 5 at a higher level of 499.83 tenge per US dollar.

In the cash exchange market, average rates in major cities showed variation. In Almaty exchange offices, the average buying rate was 491.75 tenge, while the selling rate averaged 494.66 tenge. In Astana, the average purchase price was slightly lower at 491.01 tenge, with a higher selling rate of 498.01 tenge.

The recent movement follows a period of strengthening for the national currency in February. According to earlier National Bank commentary, the tenge appreciated by 0.7 percent over that month, closing February at an average rate of 497.69 tenge per dollar.

Trading activity on KASE also increased in February. The average daily trading volume rose from $306 million to $335 million, resulting in a total monthly trade volume of $6.7 billion.

Monetary policy remains tight as the National Bank maintains its key base rate at 18 percent, a level set in late January. National Bank Chairman Timur Suleimenov has indicated that this rate could remain unchanged for the next six months as part of efforts to curb inflationary pressure and slow price growth.

Suleimenov added that should these measures prove insufficient, the central bank is prepared to implement further tightening of its monetary policy.