Kazakhstan's tenge falls 5.8% since start of 2024

ALMATY. Oct 15 (Interfax) - Kazakhstan's national currency, the tenge, has depreciated by 5.8% since the beginning of 2024, with recent fluctuations bringing it close to levels last seen in March 2022, said Timur Suleimenov, head of the National Bank.

"In September, the exchange rate of the tenge slightly strengthened by 0.1%, reaching 481.11 tenge/$1. However, it has still depreciated by 5.8% this year," he stated. Suleimenov said that "the tenge received support in September from currency sales to fund transfers from the National Fund to the state budget, amounting to $945 million."

He said $241.5 million was sold to offset the negative effects on the currency market from purchasing Kazatomprom shares.

It was previously reported that last week the tenge weakened significantly against the dollar, approaching the March 2022 level. The decline bottomed out on October 10, when the exchange rate fell to 490.84 tenge/$1.On October 11, the rate rose to 487.37 tenge/$1, and on October 14 - to 484.11 tenge/$1.