As of the end of November, the value of the tenge has decreased by 5%.

Astana. December 2. KAZAKHSTAN TODAY - As of the end of November, the tenge depreciated by 5% to 512.52 tenge per US dollar. The average daily trading volume on the Kazakhstan Stock Exchange for the month decreased from 278 to 262 million US dollars. The total trading volume amounted to 5.5 billion US dollars, reported by the National Bank of the Republic of Kazakhstan.

Currency sales from the National Fund to support transfers to the republican budget in November totaled 1,260 million US dollars. The share of sales from the National Fund accounted for 23% of the total trading volume and did not exceed 60 million US dollars per day. In conducting operations with the National Fund's resources, the National Bank adheres to the principle of market neutrality, which implies regular and uniform sales of foreign currency.

Based on the preliminary forecast requests from the government for the allocation of transfers to the republican budget, the National Bank expects to sell currency from the National Fund in December 2024 in the range of 800 to 900 million US dollars.

In line with the previously announced plan, considering that the share of foreign currency assets of the Unified National Pension Fund (ENPF) is around 40%, the National Bank did not purchase US dollars for the investment portfolio of pension assets in November. Currency purchases in December are also not planned.

To enhance the balance of the currency market, on November 19, 2024, the government of the Republic of Kazakhstan reinstated the requirement for subjects of the quasi-state sector to sell 50% of their foreign exchange earnings. Companies in the quasi-state sector independently conduct sales on the currency market through second-tier banks.

As part of the government's decision to purchase shares of JSC "Kazatomprom" for the National Fund, the National Bank carried out a conversion in July by selling part of the foreign currency assets of the National Fund into the gold and foreign currency reserves of the National Bank. To maintain market neutrality and mirror this operation in the currency market, the National Bank began uniform sales of the acquired volume starting in mid-July.

In November, the volume of sales from the National Bank's gold and foreign currency reserves as part of this operation amounted to 133.8 million US dollars. Thus, in November, the sale of currency as part of mirroring the transaction for the purchase of shares of JSC "Kazatomprom" was completed.

The internal currency market saw an increase in demand for foreign currency from economic agents and a limited supply, particularly against the backdrop of the exchange rate surpassing a psychological level.

Against the backdrop of deteriorating fundamental factors, to prevent destabilizing fluctuations, smooth excessive volatility of the tenge exchange rate, and ensure the supply of foreign currency, the National Bank conducted currency interventions from November 15 to 28. The total volume of currency sales for the month amounted to 1,047 million US dollars.

In line with the principle of transparency, the National Bank will continue to disclose complete information about all operations conducted in the currency market. In the short term, the dynamics of the tenge will depend on market participants' expectations, quarterly tax payments, the situation in global markets, and changes in the geopolitical environment. The National Bank will continue to adhere to a flexible exchange rate regime, which prevents the accumulation of imbalances and preserves gold and foreign currency reserves," the National Bank noted.

As of 11:00 AM on December 2, the exchange rate for purchasing US dollars at exchange offices in Almaty ranges from 516 to 518 tenge, while the selling rate is from 518.5 to 521.8 tenge.