During the first trading sessions of the new year, the tenge continued to weaken under pressure from sellers reacting to decreased foreign currency sales from the National Fund and inflation. The US dollar rose to 526.30 tenge, gaining an additional 1.20 tenge.
The trading volume was low, totaling only 119.5 million dollars, which can be attributed to the extended holidays and reduced activity among participants.
The Association of Financiers of Kazakhstan noted that by the end of 2024, the conversion of transfers from the National Fund reached a record 10.2 billion dollars, compared to 9.5 billion in 2023, which is an increase of 7.3%. Conversion volumes in January are expected to decrease to 750 – 850 million dollars, as they stood at 900 million in December 2024.
It is worth mentioning that in December 2024, the tenge exchange rate dropped by 2.5%. If the dollar rate was 511.22 tenge on December 1, 2024, it rose to 525.11 tenge per dollar by January 1, 2025.