The national currency will strengthen against the dollar at the level of KZT 418.6 by the end of March, and in a year the average exchange rate for the USD/KZT pair will be equal to KZT432. This is stated in the review of the Analytical Center of the Financial Institutions' Association of Kazakhstan.
The weighted average exchange rate as of March 25 was KZT 423.12 per dollar.
As of 11:00 am Nur-Sultan time, the price of Brent crude oil futures for delivery in May fell by 1.38% to $ 63.52. North American WTI crude futures also fell 1.67% to $ 60.16.
The tenge is adjusted after oil and a decrease in risk appetite among global investors-the media reports the words of the director of the Monetary Operations Department of the National Bank, Nurzhan Tursunkhanov, who reported that since the beginning of the week, there has been an increase in volatility in the energy markets.
Note that the quotes of "black gold" on March 22-23 fell by almost 7% to $60 per barrel. Global markets are concerned about the prospects for demand amid the growing incidence of COVID-19 in the world and the tightening of quarantine restrictions in a number of European countries.
On the global currency market, the week began with a sharp weakening of the Turkish lira by 17.3% on Monday morning, after the decision of President of Turkey Erdogan to replace the chairman of the country's Central Bank. After a sharp drop at the beginning of the week, the currency corrected, at the close on March 25, the weakening from the beginning of the week was 9.6%.
Russian ruble continued to weaken, despite the increase in the key rate by the Bank of Russia. Since the beginning of the week, Russian currency has weakened by 3.5% against the US dollar. This was facilitated by the negative external background in the form of falling oil prices and the continued flight of foreign investors from ruble bonds in anticipation of the announcement of new sanctions.
In Europe, the US dollar continues to strengthen, which since the beginning of the week has amounted to 0.7% against the index of currencies of developed countries. The J. P. Morgan Emerging market Currency Index (EMCI) has weakened by almost 2% since the beginning of the week.