US Dollar Falls Sharply on Kazakhstan Exchange, Trading Below 494 Tenge

The US dollar experienced a significant decline against the Kazakhstani tenge during trading on March 5. According to the results of the day's session on the Kazakhstan Stock Exchange (KASE), the weighted average dollar exchange rate settled at 493.36 tenge, marking a drop of 6.13 tenge from previous levels.

The official exchange rate set by the National Bank for March 5 is higher, at 499.83 tenge per dollar.

Data from currency exchange points in the country's two major cities shows a varied picture. In Almaty, the average rates were 491.75 tenge for buying and 494.66 tenge for selling. In Astana, exchange offices offered to buy dollars at an average of 491.01 tenge and sell them for 498.01 tenge.

This movement follows a period of strengthening for the national currency in February, during which the tenge appreciated by 0.7% to finish the month at 497.69 per dollar. Trading activity also increased, with the average daily trading volume on KASE rising from $306 million to $335 million, resulting in a total monthly turnover of $6.7 billion.

The monetary policy environment remains tight. The National Bank decided to keep its base rate unchanged at 18% during its January meeting. National Bank Chairman Timur Suleimenov indicated that this rate could be maintained at its current level for the next six months as part of efforts to curb inflationary pressure and slow price growth.

Suleimenov also stated that if these measures prove insufficient, the regulator is prepared to implement further tightening of monetary policy.