As the fall of foreign exchange transactions on KASE will affect the economy?

After a relatively successful first two weeks of the state of emergency imposed on March 16, in the second month of spring, foreign exchange market experienced a significant decline in turnover.

So, if in March the volume of trading in the spot dollar market of Kazakhstan stock exchange rose in February by 1.6 times to $3 billion 455,3 million, the April ended with a drop by half compared with the previous month to $1 billion 721,4 million This month, the lowest since January of 2017.

To a much greater extent reduced the turnover on the spot market for Russian currency is 18.8 times before 256,1 million rubles

The decline has developed on the single European currency by 38.1% to € 1.3 million. And Chinese of 30.6% to 30.2 million yuan.

In General, according to KASE, the total April volume on the exchange foreign currency market decreased in comparison with March, decrease of 48.8%. The average daily trading volume decreased from the March level 81.2 billion tenge to 34.1 billion tenge. The average daily number of transactions decreased from 291 to 449, and the average volume of one transaction from 180,8 million tenge to 117.1 million tenge.

The swap market

To swap the foreign exchange market in April the volume of transactions also fell to a monthly low in recent years $1 billion 851,8 million That is compared to March, a decline of nearly 30%, and in absolute terms – $787,9 million Turnover here fell from February about the same high rate. And it can talk about reducing the requirements of banks in foreign currency, which they take from each other or from banks.

After four months 2020 the volume of transactions in the swap market decreased by 58.2% to $12 billion 480,7 million whereas in the spot market has developed a growth of 9.8% to $9 billion 764,6 million

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The “freezing” of exchange currency market does not Bode well for the national economy. Because foreign currency is purchased not only a significant portion of consumer goods for the domestic market, but also modern equipment along with the technologies necessary for the development of domestic industries.

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