Kazakhstan’s national bank governor, Timur Suleymanov, explained the reason for the weakening of the tenge over the past two weeks at a meeting with global investors.
“There are many factors, including: strengthening of the dollar at the global level (the dollar index against the basket of currencies of developed countries increased by 2.5% in September); increased seasonal demand from importers; the decision to reduce the base rate; suspension by the government of the rule of compulsory sale of foreign currency earnings by semi-public sector nationals,” Suleymanov said.
“This combination of factors led to a short-term weakening of the tenge exchange rate. From the perspective of important factors, the growth of oil prices and the general state of the balance of payments will have a stabilizing effect and will support the tenge in the long term,” he added.
On September 28, the official dollar rate was 482.77 tenge.
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