The sanctions against Russia is weakening the exchange rate of tenge. This was announced by the Deputy Chairman of Kazakhstan Stock Exchange Andrei Tsalyuk.
In May, the foreign currency market KASE had 31 participants. The volume of trading in this market exceeded 1 billion tenge. This is 28,1% lower than the same period last year.
According to Andrei Tsaluk, if the Russian economy weakens, the tenge rate will continue to fall. The high value of Brent oil and the quarterly taxpayers' export payments is giving stability to tenge now.
Translated by Nazerke Syundyukova