National Bank has not intervened in FX market since Sep - Akishev

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ASTANA. KAZINFORM The National Bank of Kazakhstan has not intervened in the foreign exchange market since September 2016. Chief banker of the country Daniyar Akishev has said it on Tuesday at the Government's weekly meeting.

“The situation on the domestic foreign exchange market is stable now. At the end of September, the exchange rate of tenge made  335.46 tenge per one U.S. dollar having strengthened by 0.3% since January.  Presently, we observe slight daily fluctuations of the tenge rate.  Since September 2016, the National Bank has not intervened into the foreign exchange market. Tenge rate is formed exclusively under the influence of fundamental factors which demonstrate positive dynamics now,” explained Akishev.

In his words, free floating tenge rate enabled the country to start the process of gradual restoration of its reserves.

Thus, at the end of September 2016, gold and currency reserves of Kazakhstan made $31.4bln.

“Since the year beginning, gold and currency reserves of the country rose by $3.5bln which was caused primarily by gold price increase by 25% in 9 months of 2016 and acquisition of foreign currency on the domestic market by the National Bank in H1 2016. Currency assets of the National Fund comprise $64.4bln. The total amount of the country’s reserves reached $95.8bln or 67% of GDP,” the chief banker said.

 

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