The tenge has strengthened: The National Bank of Kazakhstan discusses the currency market and forecasts for February.

According to government forecasts, in February, the currency sales from the National Fund will range from 550 to 650 million dollars.

The National Bank reported that it did not purchase dollars for the investment portfolio of pension assets in January. It also does not plan to do so in February.

Additionally, in January, the regulator launched a mirroring mechanism. Now, the National Bank sells dollars in the domestic market, which it receives from the sale of gold purchased from local mining companies. As part of this mechanism, 244 billion tenge were sterilized, and in February, currency sales of approximately 250 billion tenge are expected.

“In the short term, the dynamics of the tenge will depend on the expectations of market participants, quarterly tax payments, the situation in global markets, and changes in the geopolitical landscape. The National Bank will continue to adhere to a flexible exchange rate regime, which prevents the accumulation of imbalances and ensures the preservation of gold and foreign exchange reserves,” noted the regulator's press service.

For more details on the forecasts of economists surveyed by the National Bank for 2025, you can read the full article via the link.