Kazakhstan’s tenge lost 35,5% of the cost after the decision to move to a floating exchange rate, according to RBC. The average rate of the tenge against the US dollar in trading on Kazakhstan Stock Exchange (KASE) decreased by 66.88 tenge and was 255.26 tenge / dollar.
The trading volume amounted to $ 115.55 thousand. The trade was attended by 25 banks. The official exchange rate for August 20 was 188.38 tenge per $ 1.
According to the local branch of Radio Liberty, yesterday the dollar value of sales in the commercial banks and exchange networks increased from 189 to about 198 tenge.
Kazakhstan from August 20 moved to a floating exchange rate of the tenge. As stated by Prime Minister Karim Massimov, the tenge exchange rate will be determined by the situation in the world economy and the domestic foreign exchange market. He said that the National Bank will not intervene in the formation of the market level of the exchange rate of the tenge, but it reserves the right to participate in the domestic foreign exchange market through foreign exchange intervention.
According to RBC, yesterday the Kazakhstan President Nursultan Nazarbayev urged to prepare for oil prices at $ 30-40 per barrel. He noted that in the coming years, developing countries' access to investments and capital will be limited, and also admitted that the market for Kazakhstani products shrinks due to weak demand from Russia and China. -0-
Economics
-
BP, the operator of the Shah Deniz gas condensate field, announced on Sunday that production from the Shah Deniz Alpha platform resumed on the evening of January 18. This followed the complete resolution of a technical issue with the subsea condensate export pipeline between the Shah Deniz Alpha platform and the Sangachal terminal.
-
SOCAR President Rovshan Najaf met with the Minister of State for Petroleum of Pakistan, Musadik Malik, on January 18. According to SOCAR, the discussions covered joint energy projects, achieved outcomes, and cooperation opportunities in various areas, including the trade of petroleum products.
-
The State Statistics Committee of Azerbaijan reported that in 2024 investments in fixed assets reached 21,435.1 million manats, which is 0.7% less than in 2023. While overall figures edged lower, the sectoral breakdown reveals notable disparities between the oil and gas sphere and non-oil industries.
-
Azerbaijan’s industrial enterprises and individual entrepreneurs reported a modest 1.1% year-on-year increase in industrial production during 2024, reaching an output valued at 64.1 billion manat. The State Statistics Committee attributed the overall growth to a 0.5% expansion in the oil and gas sector, while non-oil and gas industries surged by 7.3%.
Leave a review