NBK buys $375 mln on exchange to maintain ENPF foreign currency share
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The National Bank of Kazakhstan purchased $375 million on the Kazakhstan Stock Exchange (KASE) in July to support the foreign currency portion of pension fund assets, the bank reported. The tenge strengthened 1.3% against the dollar over the month, while average daily trading volume on KASE rose to $389 million from $369 million. The acquisition occurred even as the NBK sold $200 million from the National Fund on the exchange and suspended mandatory forex revenue sales by quasi-state entities from July 15.
July Foreign Exchange Operations
The NBK purchased $500 million from the National Fund in July for budget transfers, to be sold evenly on the domestic market through end-2026. It sold $200 million from the National Fund on the exchange and sterilized about 374 billion tenge as part of mirroring operations. No currency interventions were conducted. Quasi-state entities sold $195 million of their forex revenue before the mandatory sale requirement was suspended on July 15, 2026.
Tenge Performance and Outlook
The tenge appreciated 1.3% against the U.S. dollar in July. Average daily trading volume on KASE rose to $389 million from $369 million a month earlier. The NBK expects short-term tenge dynamics to hinge on market expectations, quarterly tax payments, global market conditions, and geopolitical developments. The bank said future decisions on ENPF asset management will be guided by market conditions.
What's Next
The National Bank plans to sell between $200 million and $300 million from the National Fund in August to support budget transfers. The tenge's near-term trajectory remains uncertain, however, as it depends on upcoming tax payments, global sentiment, and geopolitical shifts.
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NBK buys $375 mln on exchange to maintain ENPF foreign currency share
