Halyk Finance: Higher Currency Supply Bolsters Kazakh Tenge
Summary
The Kazakh tenge gained 2.6% against the US dollar in August, closing at 461.57 per dollar amid high foreign exchange supply.
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The Kazakh tenge strengthened by 2.6% against the US dollar over the course of August, closing the month at 461.57 tenge per dollar. The currency appreciation was driven by foreign currency supply continuously outpacing demand.
According to Saltanat Igenbekova, head of the Analytics Center at Halyk Finance, the strengthening occurred amid heightened market activity and shifting capital flows, with the increased availability of foreign currency providing firm support to the national currency.
Source: The Astana Times
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