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30 October 2024 | 23:21
“Focus on the tenge, not the dollar“ - National Bank head on currency volatility
Tengrinews.kz – Chairman of Kazakhstan’s National Bank, Timur Suleimenov, commented on the tenge's volatility, advising a shift in focus away from the dollar. Suleimenov explained that currency fluctuations are a constant factor.
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Tengrinews.kz – Chairman of Kazakhstan’s National Bank, Timur Suleimenov, commented on the tenge's volatility, advising a shift in focus away from the dollar. Suleimenov explained that currency fluctuations are a constant factor.
“There is always volatility because, for us, the dollar is just another market commodity. There’s supply and demand for it, just like for bread or metal structures. Volatility is something that will always exist,” he remarked during a press briefing at the Mazhilis.
Suleimenov also reassured the public about the availability of cash dollars in the country.
“When it comes to cash dollars, we have enough. But when there’s demand, prices can rise. Instead of focusing on the dollar, we should concentrate on the tenge and strengthening our national economy. This involves developing domestic production in everything, from metal structures, bricks, and concrete to essential goods,” he added.
On October 30, exchange rates for the dollar stand at KZT 492.99 for sales and KZT 488.00 for purchases in Astana, while in Almaty, the dollar is sold at KZT 490.82 and bought at KZT 488.66.
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