Kazakh National Bank sold 213 bln tenge in May, plans similar sales in JuneThe National Bank of Kazakhstan sold in May on the domestic market 213 billion tenge in foreign currency worth of proceeds from gold exports, the regulator’s press service said in a Monday press release.In June, the National Bank plans to sell on the domestic market the same volume of foreign currency, according to the press release.When managing National Fund assets, the National Bank adheres to the market neutrality principle, "which involves regular and evenly distributed foreign currency sales," the press release says.In January-March 2025, the National Bank sold 742 billion tenge worth of foreign currency. The regulator expects to sell about 640 billion tenge in the 2nd quarter of this year.In 2011, Kazakhstan introduced a regulatory requirement for domestic gold producers to sell refined gold to the National Bank, which then sells it on international markets. However, gold purchases from the gold producers are financed through tenge issuance, increasing money supply and contributing to inflation.To curb inflation and bring it closer to the 5% target, the National Bank had decided to sell USD on the domestic forex market in the amount equivalent to the Tenge issued for gold purchases.The National Bank previously announced plans to sell on the domestic forex market this year around $5.5-6 billion from gold export revenues.Annual inflation in Kazakhstan accelerated to 10.7% in April from 10% in March. (ICE ALMATY)

Fonte notizia: INTERFAX