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    Kazakhstan

    Kazakhstan’s National Bank to sell $800 mn for state budget in March 2024

    Kazakhstan’s National Bank to sell $800 mn for state budget in March 2024

    The National Bank of Kazakhstan outlined plans to sell between $700 mn to $800 mn in March 2024, a move aimed at securing money transfers to the state budget. This follows the sale of $609 mn in February, which represented 16% of the total trading volume and averaged around $29 mn per day.

    Photo: Kazakhstan’s National Bank to sell $800 mn for the state budget in March 2024
    Source: Shutterstock 

    Simultaneously, the National Bank is set to purchase between $450 mn to $500 mn. This action is intended to ensure that a minimum of 30% of the Unified Accumulative Pension Fund’s assets are held in foreign currency. In the previous month, the regulator purchased $400 mn, accounting for 10% of all buying transactions on the market.

    In February, the exchange rate of the tenge depreciated by 0.6% to KZT 450.65 per USD. Concurrently, the average daily trading transactions on the Kazakhstan Stock Exchange increased from $172 mn to $187 mn, culminating in a total of $3.9 bn.

    Since November 2023, the National Bank has been investing in shares of KazMunayGas using funds from the National Fund, with a total expenditure of $2.8 bn to date. These funds were later transferred to the state budget as dividend payouts by Samruk Kazyna. Consequently, the total financing for the national economy, courtesy of transfers from the National Fund, reached a record high of $11.7 bn in 2023.

     

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    03.03.2024, 14:04   Comments (0)   1600
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