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Kazakh state sells $1.3 billion worth of foreign currency in domestic market in Jan -Breaking

by Mike Robinson

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ALMATY (Reuters – Kazakhstan’s central bank, state companies and banks sold a total $1.283 trillion in foreign currencies in Kazakhstan last month.

According to the bank, it had sold $696 Million to enable a transfer of the National Fund from the State Budget to the Bank. However, $346.5 Million was sold by state-controlled businesses.

To support local tenge currencies after the violent unrest in Central Asian oil-rich nation, the regulator also sold $239.8 Million from its own reserve on Jan. 12-13.

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