As of the end of October, the tenge has depreciated by 1.5%.

Astana. November 1. KAZAKHSTAN TODAY - As of the end of October, the tenge depreciated by 1.5% to 488.23 tenge per US dollar. The average daily trading volume on the Kazakhstan Stock Exchange increased from 222 to 278 million US dollars over the month. The total trading volume amounted to 6.1 billion US dollars, reported the press service of the National Bank of the Republic of Kazakhstan.

Currency sales from the National Fund to support transfers to the republican budget in October totaled 1,340 million US dollars. The share of sales from the National Fund accounted for 22% of the total trading volume and no more than 70 million US dollars per day," the National Bank clarified.

Considering that the share of foreign currency assets of the Unified National Pension Fund (ENPF) reached 40%, starting October 10, the National Bank suspended the purchase of US dollars for the investment portfolio of ENPF pension assets. The amount of foreign currency purchases for ENPF pension assets in October was 228 million US dollars, or about 4% of the total market volume.

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

It is noted that in October, the volume of sales from the National Bank's gold and foreign exchange reserves as part of this operation amounted to 253 million US dollars, and in November 2024, currency sales from the gold and foreign exchange reserves are expected to be between 130 and 140 million US dollars.

According to preliminary forecast requests from the government for transfers to the republican budget in November 2024, the National Bank expects to sell currency from the National Fund in the amount of 1.2 to 1.3 billion US dollars," the National Bank informed.

Furthermore, according to the press service, considering the currency share of pension assets, which as of October 30, 2024, was 39.9%, currency purchases for ENPF in November 2024 are not planned.

As previously reported, Kazakhstan will annually withdraw two trillion tenge from the National Fund.