The Central Bank of Kazakhstan announced in a statement that foreign exchange sales from the sovereign wealth fund in July are expected to reach between 550 million and 600 million dollars, based on the forecasts of the Ministry of finance for the necessary transfers.
According to Bloomberg News, the central bank plans to buy between 200 million and 250 million dollars in July for the United pension fund.
In June, foreign exchange sales from the wealth fund reached 550 million dollars. Entities of the semi-state sector sold about 288 million dollars.
Bloomberg explained that state-run companies will reduce the share of mandatory sales of foreign exchange income to 30% from the first of July compared to the current 50%.
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