De-dollarization in our opinion, the demand for euros has increased by half

compared to January 2018, the total net sales increased by 57%. In comparison with the 2017 — almost double. If you take into account the average rate, it turns out that in the hands of Kazakhstan in one month has accumulated 55.6 million euros. It’s 61% more than the year before.

In General, the current level of demand for the currency is unusually high. Such a significant level of net sales at the beginning of the year wasn’t from 2014.

The Euro fell to 2017 — the experts do not believe in the currency

Then it occurred against the background of gradual growth rate (in January 2014 the average price was at 210 tenge). Now – against the background of its decline. In January the Euro fell more than 11 tenge. Moreover, the growth continues. So, in less than the February rate decreased by 10.9 tenge, dropping to a minimum for a year and a half.

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Nur-Sultan fell in love with the Euro

Demand for Euro rose in 11 of the 17 regions of the country. For the beginning of the year is not a typical phenomenon. Since at this time the average per capita income of Kazakhstan’s population decreased significantly.

Stronger in just month, demand has grown in Almaty (+1,5 billion tenge — up to 8.7 billion) and Nur-Sultan (+0.7 billion to 4.8 billion).

If you compare year to year, the following picture:

residents of the capital have increased the demand for the Euro is much stronger than those in other regions

Compared to January, 2019 the net sales of the exchange offices increased by 5.4 billion tenge. Second, the growth rate of almost 10-fold gap is Karaganda region (590,9 million).

In three regions — North Kazakhstan (to -2.9 million) and West Kazakhstan oblasts (-154,3 million) and in Almaty (-73,9 million) — demand for the European currency for the year fell.

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Shymkent has fallen out of love with the dollar

The dollar also depreciates against the tenge, but the demand has dropped significantly. If in 2019, net sales amounted to 214,3 million tenge, in the first month of 2020 – to 104.8 billion

There are interesting dynamics in the regions. First of all for the year fell interest to the U.S. currency in the major cities of Kazakhstan.

  • The volume of net sales in Almaty decreased by 6.4 billion tenge
  • In Noor-Sultan – at 246 million
  • In Shymkent – 3.2 billion for the low demand was not there at least as long as the city received the status of Republican meaning.

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WKO was disappointed in the ruble

In other words, the main demand for the dollar has provided the regions. And at the forefront of the West Kazakhstan region. In the period from January 2018 to September 2019, the average monthly volume of net sales then accounted for less than 4 billion tenge. For IV quarter of 2019, he rose to 11.2 billion In the end at 2019, the level of net sales of the American currency exchange offices increased by 3.6 times compared to 2018.

In January 2020, net sales in the region made up 9.96 billion tenge – this is the third result among all regions of Kazakhstan (after Almaty and Nur-Sultan). Compared to January 2019 demand in the West Kazakhstan region has grown by 8 billion KZT (about 4 times).

Simultaneously, in the Western Kazakhstan region falling demand for ruble. By the end of 2019 demand fell by 45%. In January 2020 the net sales of the Russian currency amounted to less than 2 billion tenge is almost twice lower than in January 2019.

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The ruble rate is growing faster than demand

In January, the volume of net sales of the Russian currency amounted to 34.5 billion tenge. However, when converted at the average monthly rate is around 5.64 billion tenge. And this is the worst indicator for the beginning of the year, starting with 2014. The reason is the relatively high rate of the Russian currency. In January 2020 the average value of the ruble made up 6.12 tenge a year earlier — 5,65.

In terms of regions is traditionally the highest demand is from the border regions. The leaders were in Pavlodar (5.9 billion) and East Kazakhstan (5.1 billion) of the region. However, in both regions compared to December 2019 demand fell by 1.3 and 0.45 billion tenge, respectively.

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