Following the results of April 2026, the tenge exchange rate strengthened by 3.1% and stood at 463.09 tenge per US dollar. At the same time, the average daily trading volume on the Kazakhstan Stock Exchange increased from $372 million to $394 million.
WHAT INDICATORS WERE RECORDED ON THE CURRENCY MARKET
According to the press service of the National Bank, the total trading volume for April reached $8.7 billion. The increase in liquidity was accompanied by a strengthening of the national currency, reflecting the activity of market participants and changes in demand for foreign currency.
Currency sales from the National Fund amounted to $300 million. These funds were directed towards ensuring transfers to the republican budget. The share of such transactions accounted for 3.5% of the total trading volume, or around $13.6 million per day.
NATIONAL BANK OPERATIONS
No currency interventions were carried out in April. At the same time, as part of mirroring operations, approximately 354 billion tenge was sterilised.
The National Bank also purchased foreign currency on the exchange. The total volume of such operations amounted to $502 million, equivalent to approximately 5.8% of the total trading volume. These measures are linked to the reduction of the foreign currency share of pension assets of the Unified Accumulative Pension Fund (UAPF) below 40%.
Additionally, as part of the mandatory sales norm for foreign currency earnings by quasi-public sector entities, approximately $273 million was sold.
WHAT PLANS HAVE BEEN OUTLINED FOR MAY
According to preliminary applications from the government, currency sales from the National Fund in the amount of between $400 and $500 million are expected in May to ensure budget transfers.
Furthermore, as part of mirroring operations, currency sales equivalent to 354 billion tenge are planned.
PRINCIPLES OF MARKET REGULATION
The National Bank reports that the principle of market neutrality is observed when conducting all operations. This means there is no direct influence on the exchange rate formation beyond market mechanisms.
The regulator also continues to adhere to a flexible exchange rate regime. In the short term, the dynamics of the tenge, it is noted, depend on the expectations of market participants, quarterly tax payments, the situation on global markets and geopolitical factors.