Kazakh tenge weakens to 476.07 per dollar on KASE
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The Kazakh tenge weakened sharply on July 24, with the dollar averaging 476.07 tenge on the Kazakhstan Stock Exchange (KASE), up 9.85 tenge from the previous session. The National Bank's official rate stood at 465.74 tenge. The depreciation came even as the central bank held the base rate at 16.75%.
Exchange Rate Surge
The dollar's average rate on KASE reached 476.07 tenge on July 24, a rise of 9.85 tenge from the previous trading day. The National Bank set its official rate at 465.74 tenge for the same date. In Almaty exchange offices, the dollar was bought at an average of 473.82 tenge and sold at 476.81 tenge.
Regional Rate Variance
In Astana, exchange offices offered an average buying rate of 470.97 tenge and a selling rate of 477.97 tenge per dollar. The spread between the two cities' selling rates reached 1.16 tenge, indicating localized demand pressures.
Base Rate Decision
On the same day, the National Bank's Monetary Policy Committee decided to keep the base rate at 16.75% per annum with a corridor of +/-1 percentage point. The decision aimed to balance inflation control and economic growth, though the tenge's sharp depreciation suggests persistent currency pressure.
What's Next
The National Bank is expected to comment on the exchange rate movement in the coming days. It remains unclear whether the central bank will intervene to stabilize the tenge or adjust the base rate at its next meeting.
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Kazakh tenge weakens to 476.07 per dollar on KASE
