Dollar drops sharply in Kazakhstan

Following day trading on the Kazakhstan Stock Exchange (KASE), the weighted average exchange rate of the dollar stood at 468.88 tenge, falling by 7.45 tenge. The National Bank's official exchange rate for July 14 is 477.11 tenge per dollar.

Average dollar exchange rates at Almaty currency exchanges:

• buy – 469.35 tenge;
• sell – 472.44 tenge.

Average dollar exchange rates at Astana currency exchanges:

• buy – 468.03 tenge on average;
• sell – 475.03 tenge.

National Bank Chairman Timur Suleimenov previously reported that the tenge strengthened by 5.1 percent against the dollar in the first half of the year. According to him, this was driven by:

• moderately tight monetary policy,
• high demand from non-residents for Kazakhstan's government securities,
• joint measures by the government and the National Bank to reduce inflation,
• favorable external market conditions.