National Bank to sell $200–300 mln from National Fund in August
This digest was compiled by AI from multiple sources — links to the originals are below.
The National Bank of Kazakhstan announced on Aug 3 it will sell between $200 million and $300 million from the National Fund on the domestic exchange market in August, even as the tenge strengthened 1.3% to 473.81 per dollar in July.
July Currency Market
The tenge gained 1.3% against the dollar in July, closing at 473.81 per dollar, the National Bank reported. Average daily trading volume on the Kazakhstan Stock Exchange rose to $389 million from $369 million in June, bringing total monthly turnover to $8.6 billion. No foreign exchange interventions were conducted during the month.
National Fund Operations
The central bank sold $200 million from the National Fund on the domestic market in July to support budget transfers. It also purchased $500 million from the fund, which will be sold evenly through the end of 2026 as part of mirroring operations. Sterilization operations absorbed 374 billion tenge in July, with an equivalent amount of forex sales planned for August.
August Sales Plan
Planned currency sales from the National Fund for August range from $200 million to $300 million. Meanwhile, the mandatory sale of forex revenue by quasi-state entities, which generated about $195 million in July, was suspended from July 15. The central bank also bought $375 million in July to manage the pension fund’s currency allocation, accounting for 4.4% of total trading volume.
What's Next
The National Bank will continue selling currency from the National Fund transfers through the end of 2026. It remains unclear how the suspension of mandatory forex sales by quasi-state entities will affect market supply in the coming months.
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National Bank to sell $200–300 mln from National Fund in August
