Kazakh tenge strengthens 3.5% in October as central bank stays out of FX marketThe Kazakh tenge strengthened by 3.5% in October, with the National Bank refraining from foreign exchange interventions to curb its gains, the central bank said in a statement Monday.The currency ended the month at 529.96 tenge to the U.S. dollar. "Average daily trading volume on the Kazakhstan Stock Exchange rose to $271 million from $248 million in September, with total monthly turnover reaching $6 billion," according to the statement.The National Bank confirmed it did not conduct foreign exchange interventions in October.Currency sales from the National Fund for October amounted to $660 million, which were used for budget transfers and funding the "Taldykorgan-Usharal" gas pipeline project. These sales accounted for 11% of total trading volume, or approximately $30 million per day.Preliminary government forecasts indicate currency sales from the National Fund for budget transfers in November are expected to range from $600 million to $700 million.The National Bank also reported that $279 million was sold last month by quasi-public sector entities under mandatory conversion rules. As previously announced, the central bank did not purchase dollars for the pension fund's investment portfolio in October and does not plan to do so in November. (ICE ALMATY)

Fonte notizia: INTERFAX