Kazakhstan’s National Bank sells 213 billion tenge in foreign currency from gold exports in AprilThe National Bank of Kazakhstan sold 213 billion tenge worth of foreign currency on the domestic market in April, proceeds from gold exports, the regulator’s press service reported."The sales were part of sterilization operations aimed at stabilizing the economy, with an additional 213 billion tenge equivalent expected to be sold in May," the bank stated.In the first quarter, the National Bank sold 742 billion tenge worth of foreign currency, with second-quarter sales projected at around 640 billion tenge.Since 2011, Kazakhstan has required refined gold producers to sell their output to the National Bank, which then sells the gold on international markets. However, the bank finances domestic gold purchases through tenge issuance, increasing the money supply and contributing to inflation.To curb inflation and bring it closer to the 5% target, the National Bank has begun selling foreign currency, primarily U.S. dollars, earned from gold exports on the domestic market. The amount sold matches the tenge issued for gold purchases.The bank plans to sell approximately 5.5 billion to 6 billion in foreign currency this year from gold export revenues.Inflation in Kazakhstan accelerated to 10% year-over-year in March, up from 9.4% in February. (ICE ALMATY)

Fonte notizia: INTERFAX