In October, the national currency rate fell by 3% to 453.77 tenge per 1 US dollar, the National Bank reported. This was reported by Qazaqyia.kz citing Sputnik Kazakhstan.
The average daily volume of trading on the Kazakhstan Stock Exchange decreased over the month from $474 million to $397 million. The total trading volume amounted to $8.4 billion.
To fulfill the government's financing requests, the National Bank purchased $910 million from the National Fund. This volume will be sold on the domestic foreign exchange market as part of balancing the National Fund's operations, taking into account market conditions.
"This measure contributes to the formation of the tenge exchange rate in line with the real economic situation and is aimed at preventing sharp speculative fluctuations," the national regulator reported.
At the same time, in October the National Bank did not conduct foreign exchange interventions.
To maintain the currency share of pension assets, the National Bank purchased foreign currency on exchange trading in October for a total of $568 million. This accounted for about 7% of the total trading volume.