National Bank’s Record Intervention Volumes
USD/KZT Exchange Rate Fluctuations During The Periods of High Volatility
📈 The USD/KZT exchange rate traditionally demonstrates sharp weakening of the tenge during periods of economic or geopolitical shocks, such as COVID-19 pandemic in 2020 or war in Ukraine in 2022.
However, after such jumps, there is a temporary strengthening of the exchange rate approximately up to the previous values, which may be driven by the National Bank’s interventions and stabilization of the external environment. In the long term, weakening of the tenge continues at a more moderate pace.
Based on today’s record intervention volumes, the National Bank is clearly interested in maintaining the exchange rate and restraining further devaluation, trying to strengthen the tenge amid external pressure.
