Dollar rate expected to weaken as Tenge gains ground ahead of weekend on May 16.
Cruising through Kazakhstan's financial market, the dollar took a tumble on May 16. Scope out this breakdown to see what went down.
On the Kazakhstan Stock Exchange, the heavyweight average dollar rate closed at 509.51 tenge, shedding a single tenge. Worth a mention, the National Bank's official rate for that day stood at a sturdier 510.58 tenge per dollar.
Now here's a quick snapshot of the dollar rates in Almaty and Astana, as per kurs.kz:- Almaty exchanges: Buying at 509.95 tenge, Selling at 512.02 tenge- Astana exchanges: Buying at 508.63 tenge, Selling at 514.63 tenge
Got your attention? Well, here's why the dollar floundered:
Back in the day, gurus of the financial world predicted the dollar's plunge in Kazakhstan.
Meanwhile, the big cheese of the National Bank, Timur Suleimenov, asserted that despite the dollar's wobbling exchange rate, the country's citizens are embracing the trusty tenge.
He also dashed any fears of a sudden devaluation under the free-floating regime. According to him, the exchange rate dynamics remain under control and are swayed by both external and internal factors.
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Even though I couldn't pull up real-time exchange rate data for Almaty and Astana specifically on May 16, 2021, I can still share some general info about exchange rates:- Rates occasionally differ slightly depending on location and the specific exchange office or bank.- Historical exchange rates can be found on financial websites or through currency exchange platforms.
The financial industry experts had earlier predicted the dollar's plunge in Kazakhstan's market, as revealed during the May 16 financial turbulence. Despite the unstable exchange rate of the dollar, the banking and insurance sector, under the leadership of Timur Suleimenov, ensured the public's trust in the national currency, the tenge, remains steady, alleviating any concerns over a sudden devaluation within the free-floating regime.
