Kazakh National Bank to withdraw from circulation 1.4 trln tenge in Q4The National Bank of Kazakhstan will withdraw from circulation 1.4 trillion tenge in October-December of this year to mirror gold purchases from domestic producers, the regulator’s press service said in a Wednesday press release.In September, the National Bank sterilized 290 billion tenge as planned.The National Bank of Kazakhstan withdraws Tenge from circulation through a currency mirroring mechanism to addresses inflationary pressures created when the Bank purchases domestic gold production using tenge issuance. By selling equivalent foreign currency earned from gold exports, the Bank aims to neutralize excess liquidity."As gold prices have been demonstrating a steady rise, the volume of liquidity withdrawal through the mirroring mechanism is lagging behind the volume of Tenge emission in view of gold purchases. Considering the remaining liquidity that has accumulated since the beginning of the current year, it is planned to sell foreign currency equivalent to 1.4 trillion tenge during the 4th quarter to mirror gold purchases,” press release says.The National Bank did not conduct currency interventions in September of this year.In the twelve months of this year the National Bank plans to sell around $5.5-6 billion earned from gold purchases. (ICE ALMATY)

Fonte notizia: INTERFAX