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13 November 2024 | 09:39
Trump's victory affected the tenge - National Bank
Tengrinews.kz - Increased volatility, driven by both external economic factors and a rise in speculative transactions, is being observed in Kazakhstan's currency market, according to Deputy Governor of the National Bank Aliya Moldabekova.
ПОДЕЛИТЬСЯ
Tengrinews.kz - Increased volatility, driven by both external economic factors and a rise in speculative transactions, is being observed in Kazakhstan's currency market, according to Deputy Governor of the National Bank Aliya Moldabekova.
According to Moldabekova, heightened volatility is currently being seen in global financial markets due to the results of the U.S. presidential election.
"Donald Trump's victory has led to a strengthening of the U.S. dollar and a weakening of the currencies of developing countries, including the tenge. (...) We are witnessing a noticeable decrease in the supply of foreign currency along with a simultaneous increase in demand for it, which in turn is contributing to the weakening of the tenge. Since the beginning of November 2024, the exchange rate of the national currency on trading exchanges has weakened by 1.4 percent, reaching 495 tenge per U.S. dollar," noted the National Bank's Deputy Governor.
Moldabekova stated that increased fluctuations in the tenge exchange rate could lead to its destabilization, especially in conditions of insufficient liquidity.
"The National Bank does not respond to changes in the national currency's exchange rate when they are based on fundamental factors. However, we must acknowledge that the recent fluctuations in the tenge are not only due to fundamental reasons. Therefore, the National Bank considers the current volatility of the national currency's exchange rate to be excessive," she emphasized.
The National Bank of Kazakhstan will continue to monitor the situation and, if necessary, take measures to ensure the normal functioning of the currency market.
"If the current trends, especially speculative sentiments, continue, the National Bank is prepared to respond promptly and conduct currency interventions to restore fair exchange rate formation, ensure the proper functioning of the currency market, and prevent the risk of sharp fluctuations in the national currency's exchange rate," added Aliya Moldabekova.
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