Kazakhstan's National Bank conducts currency intervention

Kazakhstan's National Bank conducts currency intervention

Kazakhstan’s National Bank decided to conduct currency interventions to prevent the strengthening of devaluation expectations and stabilize the domestic foreign exchange market.

The press service of the bank said that in the period from September 5-7, 2018, in the absence of foreign currency supply, the National Bank sold $520.6 million.

The share of the National Bank during these days was about 80% of the total trading volume on the currency exchange, but overall for the month the National Bank participation was 13.6%.

The press service added that in September 2018, the imbalances in the domestic foreign exchange market significantly increased, leading to a weakening of the national currency, Azernews reported.

The National Bank of Kazakhstan recommended citizens not to buy foreign currency.

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