BAKU, Azerbaijan, November 2. The Kazakh tenge
weakened by 3% against the US dollar in October, reaching 453.77
tenge per dollar, according to the National Bank of Kazakhstan.


The average daily trading volume on the Kazakhstan Stock
Exchange (KASE) declined from $474 million to $397 million during
the month. Total trading volume amounted to $8.4 billion.


As part of its gold purchase mirroring operations, the National
Bank sterilized approximately 302 billion tenge (about $665.4
million) in October. In November, the bank plans to sell foreign
currency equivalent to the same amount.


To meet financing requirements under requests from the
Government of Kazakhstan, the National Bank purchased $910 million
from the National Fund. These funds will be sold on the domestic
foreign exchange market as part of the mirroring of operations with
the National Fund, taking market conditions into account. This is
intended to keep the exchange rate aligned with fundamental factors
and prevent sharp speculative fluctuations in the tenge.


The National Bank said it adheres to the principle of market
neutrality when conducting operations involving National Fund
assets and implementing the mirroring mechanism.







The National Bank did not conduct any foreign exchange
interventions in October.


To maintain the foreign currency share of pension assets, the
National Bank, acting as the investment manager of the Unified
Accumulative Pension Fund (UAPF), purchased foreign currency on
exchange trading platforms in October. The total amount of these
purchases reached $568 million, or approximately 7% of total
trading volume. Further decisions will be made based on market
conditions as part of the management of pension assets.


According to the bank, in the short term, the tenge's
performance will depend on market participants' expectations,
quarterly tax payments, conditions on global markets, and changes
in the geopolitical situation.


The currency conversion was made based on the National Bank of
Kazakhstan's exchange rate of 453.87 tenge per US dollar as of
November 2, 2026.