Exchange bureaus face stricter limits on cash operations

Kazakhstan’s Central Bank proposed on January 14 a resolution to narrow the permissible deviation for foreign currency exchange rates at private exchange bureaus. Under the new guidelines, exchange rates for cash transactions could deviate by a maximum of 7 tenge for the US dollar and 10 tenge for the euro from the official daily rate set by the regulator.

This marks a reduction from the previous limits, which allowed deviations of up to 15 tenge for the US dollar and 20 tenge for the euro. The Central Bank said the proposed changes are aimed primarily at reducing currency speculation and financial market risks.

Today, one US dollar buys 529 tenge (it was 451 tenge a year ago, down 17%), while one euro is worth 539 tenge (down 9% from 495 tenge a year ago).

In response to the tenge’s significant depreciation against major currencies, the Central Bank raised interest rates last November, ending an 18-month period of rate cuts. It has also intervened heavily in the currency market to stabilize the tenge.

According to experts interviewed by Vlast, the excessive strengthening of the tenge had made the depreciation inevitable.

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