Dollar falls below 450 tenge at exchange offices

Tengrinews.kz – The dollar exchange rate has dropped noticeably at exchange offices in Kazakhstan.

As of 1:20 p.m., exchange offices in Astana were selling the dollar at an average of 455 tenge and buying it at 448 tenge. In Almaty, the U.S. currency was being sold at 452 tenge and bought at an average of 449 tenge.

For comparison, on September 9, exchange offices in Astana were selling the dollar at an average of 459 tenge and buying it at 452 tenge. In Almaty exchange offices, the average selling rate was 456 tenge, while the buying rate stood at 454 tenge.

It should be noted that the National Bank’s official exchange rate for September 10 is 456.89 tenge per dollar.

What will happen to the dollar exchange rate

Earlier, economists assessed the impact of the National Bank’s decision to lower the base rate on the tenge exchange rate. On September 4, the regulator cut the rate to 16.25 percent per annum.

According to economists, this decision alone does not mean a sharp rise in the dollar. In the coming months, the tenge exchange rate will be influenced by oil prices, the situation on global markets, demand for imports, as well as operations by the government and the National Bank on the foreign exchange market.

Economists noted that it would be incorrect to link movements in the dollar exchange rate only to the base rate cut. According to them, market flows may play a major role in the short term, while over the longer term, inflation, the trade balance, fiscal policy, commodity prices and external financial conditions will be more important.