Stock exchange rate: Dollar plummets to 510 tenge.
Straight Up: Dolla Dolla Bills Ain't Costing Much in Kazakhstan Right Now!
Down, down, prices are dropping! The average dollar cost in Kazakhstan, nicknamed KASE, has taken a dip to 510 tenge. But why you ask? It's all about that rising oil prices!
Now, let's take a trip back in time. You know that old saying, "all good things must come to an end"? Well, that's what happened a while back when the US dollar soared during foreign currency trading on KASE. In fact, it reached a mammoth record January level of 523.2 tenge!
But it seems like that peak was short-lived, my friend. The dollar cost in Kazakhstan has been on a steady downslide since then, occasionally jumping and taking a tumble.
As we speak, the average dollar exchange rate on KASE stands at a cool 510.06 tenge, having dropped by more than 3 tenge over the past 24 hours.
Now, if you're eyeing some cold, hard cash dollars, check out the rates currencies exchange offices in major Kazakh cities are offering:
- Astana: buying for 508 to 509 tenge, selling for 514 to 515 tenge;
- Almaty: buying for 508 to 511.5 tenge, selling for 512 to 514.7 tenge;
- Shymkent: buying for 509 to 510.5 tenge, selling for 512 to 515 tenge.
According to the Association of Kazakhstan Financiers (AFK), the external environment, along with positive internal factors, is creating a favorable climate for the tenge - think oil prices rising and the ruble strengthening.
Now, here's something interesting. The AFK suggests the increase in demand for the national currency may be related to the decrease in geopolitical tension due to trade negotiations between the US and China. This, they say, contributed to the improvement of global market sentiment and made emerging market assets...including the tenge, super attractive!
However, it's worth keeping in mind that some of the causes for the sharp rise in the dollar exchange rate more than a month ago were reportedly significantly cheaper oil. But don't worry, according to Investing.com, the oil prices have climbed up to 65 dollars per barrel.
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- The favorable climate for the Kazakh tenge is being created by the rising oil prices and the strengthening ruble, according to the Association of Kazakhstan Financiers (AFK).
- The increase in demand for the national currency may also be related to the decrease in geopolitical tension due to trade negotiations between the US and China, the AFK suggests, which made emerging market assets, such as the tenge, more attractive.
