The Kazakh central bank sold $489.4mn from its $62bn rainy day oil fund, the National Fund, on Kazakhstan’s domestic market in January for the purpose of financing the state budget, the regulator said on February 5.
The announcement marks the first time ever that the central bank has disclosed a monthly currency sales figure as regards the sovereign fund, but the nation is known to tap into the fund routinely for financing government spending. It is also believed by some observers that the central bank uses unofficial currency sales from the fund to support and manipulate the national currency, the tenge, without officially reporting any interventions.
The central bank also transferred a total of KZT575bn (€1.38bn) from a tenge account of the rainy day fund to the budget last month, it added.
Related Articles
Unusually intense heatwave hit Central Asia in March, may impact crop yields
Central Asia experienced an unusually intense heatwave in March that could have an impact on agricultural crop yields, according to an April 4 ... more
Russia’s expulsions of migrants reportedly nearly double in 2024 to around 80,000
Russia in 2024 expelled more than 80,000 migrants for immigration rule violations, compared to 44,200 in 2023 and 26,600 in 2022, TASS reported on January 8. The Russian state news agency cited a ... more
Kazakhstan’s transit of Russian oil to Uzbekistan and China amounts to 10.2mn tonnes in 2024
Russia’s transit of oil through Kazakhstan’s pipeline system, operated by main pipeline operator KazTransOil, to China and Uzbekistan totalled 10.21mn tonnes in 2024, ... more
Most Read
-
Putin to skip Rio BRICS summit over ICC warrant as Xi signals no-show
13 days ago
-
Turkey yet to prove rare earth deposit has suggested “giant” potential despite reported processing talks with China
10 months ago
-
Uproar in Mongolia as development bank reveals scale of risky loans and NPLs
3 years ago