National Bank of Kazakhstan takes measures to contain tenge fluctuations

The National Bank of Kazakhstan is taking measures to limit sharp fluctuations in the exchange rate of the country’s national currency ‘tenge’, the bank’s Deputy Governor Vitaliy Tutushkin said during the plenary meeting of the Mazhilis. He noted that the mandatory sale of foreign exchange earnings by quasi-public sector organizations has been increased to 75 percent. In addition, a number of other actions are being taken to strengthen the anti-inflationary policy, including the implementation of the set of measures in cooperation with the government. It is designed for 2022 to 2024. Tutushkin also noted that the deterioration of the geopolitical situation caused the volatility of the national currency. Thus, the peak of its weakening occurred on March 15, amounting to 512 tenge. By April 19, the national currency bounced back, settling at around 443 tenge.

Translation by Assem Zhanmukhanova

Editing by Galiya Khassenkhanova