Tenge weakened after the decision of the national Bank to lower rates
The rate of the Kazakh currency against the dollar calculations “tomorrow” at the end of the morning session on the Kazakhstan stock exchange on Tuesday declined compared with the previous session by 0.59 tenge, amounting to 380,06 tenge. All was concluded 64 deals worth $31.1 million trading Volume increased compared to the previous auction for $2.3 million
The minimum transaction size was at the 379,8 tenge, maximum – at around 380,14 tenge.The devaluation occurred after the national Bank of Kazakhstan on the eve lowered its key interest rate to 9% from the previous 9,25% preserving the interest rate corridor at +/- 1 percentage point. thus, according to the regulator, the monetary conditions in the country remain neutral.
Further decisions on the base rate will be accepted, depending on the level of inflation this year and next year. As reported by the Central Bank, annual inflation in Kazakhstan in March amounted to 4.8% and inflation expectations continued to decline. Probably on the background of the decision to reduce the rate of tenge in the near future several more will go down in price and can go into the corridor 375-390 tenge per dollar.
Financial scout, Forex Club