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Tengrinews.kz - The National Bank of Kazakhstan plans to sell from $550 to $650 million from the National Fund in February to allocate transfers to the national budget.
According to the National Bank, the tenge exchange rate strengthened by 1.3% in January, to 518.2 tenge per US dollar. The average daily trading volume on the Kazakhstan Stock Exchange (KASE) decreased from 254 to 227 million dollars, while the total trading volume amounted to 4.5 billion dollars.
"According to the government's preliminary forecast applications for the allocation of transfers to the republican budget in February, the National Bank expects to sell currency from the National Fund in the amount of 550 to 650 million dollars," the report says.
In January, currency sales from the National Fund reached 850 million dollars, which were used to finance the republican budget and the construction of the Taldykorgan-Usharal gas pipeline. Currency sales from the National Fund amounted to 19% of the total trading volume, or 43 million dollars per day.
The National Bank also stated that it did not purchase dollars for the UAPF in January, and no such transactions are planned for February either.
"The National Bank will continue to adhere to the flexible exchange rate regime, which eliminates the accumulation of imbalances and ensures the safety of gold and foreign exchange reserves," the monetary regulator concluded.
Previously, the National Bank was called on to curb inflation amid tenge volatility.
