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Kazakh National Bank 1st Foreign Currency Intervention in 12 Months

Monday 8 October 2018

ASTANA (Interfax-Kazakhstan) — The National Bank of Kazakhstan offered $520.6 mln for sale in September 5-7 to counterbalance the non-existent supply of foreign currency on Kazakhstan’s stock market, the bank said in a statement on Monday.

The Kazakh tenge continues to lose its value against U.S. dollar. Kazakh National Bank cited geopolitical tensions and U.S. protectionist policies and sanctions levied on neighbouring Russia as well as China and Turkey behind the weakening of the currency. Weakening of Kazakh tenge comes amidst a broader weakness in other emerging markets, including South Africa, Turkey, Brazil, and Mexico.

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