US Dollar Exchange Rate Declines on Kazakhstan Stock Exchange

The weighted average exchange rate of the US dollar on the Kazakhstan Stock Exchange (KASE) fell to 493.36 tenge by the end of trading on March 5. This represents a decrease of 6.13 tenge compared to previous levels.

The National Bank of Kazakhstan has set the official exchange rate for March 5 at 499.83 tenge per US dollar.

In currency exchange offices, the average rates show some variation between major cities. In Almaty, the average purchase rate is 491.75 tenge, while the selling rate is 494.66 tenge. In Astana, dollars are bought at an average of 491.01 tenge and sold for 498.01 tenge.

This movement follows a period of strengthening for the Kazakhstani tenge in February, during which it appreciated by 0.7 percent against the dollar, closing the month at 497.69 tenge per dollar. Trading activity also increased significantly; the average daily trading volume on KASE rose from $306 million to $335 million, resulting in a total monthly trade volume of $6.7 billion.

The monetary policy environment remains tight as the National Bank has maintained its base rate at 18 percent since its last review on January 23. The Chairman of the National Bank, Timur Suleimenov, 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 also stated that should these measures prove insufficient, the National Bank is prepared to implement further tightening of its monetary policy.