The dollar exchange rate on Kazakhstan Stock Exchange has reached a historical maximum of 530.8 tenge. This is a record value in the entire history of trading. Since the beginning of the year, the national currency of Kazakhstan has weakened by more than 15 percent. RBC reports.
The National Bank of Kazakhstan previously explained the drop of the exchange rate by the global strengthening of the dollar, fluctuations in oil prices and the growth of imports caused by government investments. Additional pressure is exerted by the weakening of the Russian ruble, since the Russian Federation remains the second most important trading partner of Kazakhstan.
To stabilize the currency market, the bank used $1,047 billion from reserves over the past two weeks. In December, it is planned to allocate $800-900 more million from the National Fund.
Deputy Prime Minister Nurlan Baibazarov called on citizens not to panic and not to buy up dollars.
«There is no point in giving in to the hype. The dollar exchange rate will not reach 600 tenge,» he said.
The further dynamics of the exchange rate will be influenced by the expectations of market participants, global economic trends and the geopolitical situation, the National Bank noted. Meanwhile, exchange offices in Astana sell the dollar for 530 tenge.
A similar situation is observed in Georgia. Amid the protests, the dollar exchange rate rose by 2.5 percent, reaching 2.88 lari. This is the highest rate since September 2022.
