ASTANA: Kazakhstan’s tenge exchange rate strengthened by 1.1. percent to 442.05 tenge per $1 in April 2024, Trend reports, citing the National Bank of Kazakhstan.

In April 2024, sales of foreign currency were worth $1.056 billion to ensure transfers from the National Fund to channel funds to the republican budget.

The National Fund’s share of sales amounted to 21 percent of the total trading volume, or no more than $48 million per day.

To keep the Unified Accumulative Pension Fund (UAPF)’s foreign exchange share of pension assets at 30 percent, the National Bank purchased $500 million in foreign currency at exchange trading in October, or 10 percent of the market volume.

The National Bank did not conduct foreign exchange interventions in March.

In addition, based on government estimate demands for republican budget transfers in May 2024, the National Bank anticipates to sell $750-$850 million in currency from the National Fund.

The foreign currency share of UAPF pension assets will be maintained in May
2024 with $450 to $500 million in purchases.

Source: Trend News Agency