Kazakhstan Plans $3 Billion Currency Sales After Tenge Slide
- Tenge strengthens for first time in five days against dollar
- S&P says Kazakhstan faces `deteriorating' economic conditions
This article is for subscribers only.
Kazakhstan will sell $3 billion from its National Oil Fund on the market by the end of the month, prompting concern the tenge purchases will only delay a slump in the local currency.
The oil fund needs tenge to finance economic programs, the central bank said in a statement on its website Thursday. Previously, the transactions didn’t affect the exchange rate because they were conducted between the fund and the central bank, without foreign currency entering the market. The tenge strengthened for the first time in five days against the dollar, adding 0.1 percent to 276.34 at the close in Almaty.