National Bank Chairman Timur Suleimenov made a forecast on the dollar exchange rate, Sputnik Kazakhstan correspondent reports. This was reported by Qazaqyia.kz citing Sputnik Kazakhstan.
Dollar volume has increased
Currently, the volume of dollars in the Kazakh market has increased. Exporters have begun bringing in more dollars and selling them on the domestic market. Prices for some exported metals have also risen. As a result, Kazakhstan's export revenues have increased significantly.
"Therefore, a lot of dollars are flowing into the country's market. And if there is a lot of goods, the price goes down," Suleimenov said.
Currency loans also had an effect
In addition, foreign currency loans were attracted from abroad. There are Baiterek Holding, Samruk, and banks. They take loans in dollars and finance projects in tenge. Thus, the supply of dollars increases and its price decreases.
"Thus, the supply of dollars increases and its price decreases," Suleimenov said at a briefing in Astana.
Demand will rise toward the end of the year
According to him, demand for the dollar will rise toward the end of the year. However, the exchange rate should not rise sharply.
"The dollar will not become much more expensive. Because internal and external factors are having a positive effect on us. Until the end of the year, we do not expect either a sharp weakening or strengthening of the dollar," Suleimenov said.
Thus, the head of the National Bank said he expects the dollar exchange rate to remain stable.