For five weekends, several reasons have accumulated for weakening tenge. Read more - on InBusiness.kz.
First, which started about two weeks ago, oil correction. But if during the first week, the raw materials fell by about 2.5%, already last Thursday, for one trading session, oil collapsed by almost 7% - to 63.28 dollars per barrel. It was the maximum drawdown of black gold from June last year. In the meantime, Nauryz celebrated in Kazakhstan, oil managed to fall at all to 60.4 dollars. True, after the news about the incident on the territory of the Suez Canal, when the container carrier, which blocked the movement of oil tankers, has grown up to 64.4 dollars per barrel. Today, oil went down again, and now its quotes are 63.23 dollars, dropping from the beginning of the trading session by almost 2%.
Rise course of tenge on Thursday, March 25, 2021
Secondly, the dollar index intensified by the last week from 91.47% to 92.60%, which is the maximum from November last year. This factor had pressure on the courses of all currencies of developing countries. For example, the Russian currency for the last week in relation to the dollar weakened from 73.5 to 76.46 rubles, which almost 15 tenge goes to the Kazakhstan currency.
Also on Monday in relation to the dollar, the Turkish Lira significantly depreciated. So, in Turkey, unexpectedly changed the head of the Central Bank Nazi Agbala, who was already the fourth dismissed head of the Turkish Central Bank since 2018. It is known for raising the base rate from 8.25% to 19.00%, after which the Turkish currency began to gradually strengthen in relation to the dollar.
In early November last year, Lira "reached" a historic peak, depreciating towards the dollar to 8.5. On November 7, Nazi Agbal headed Turkish Central Bank. By the end of November, the Turkish currency strengthened to the dollar to 7.54 liters, and by the end of February 2021 to 6.92 liters. Now, after dismissal, Nazi Agbala, Lira reacted with a 17% fall, to 8.32 on Monday, but by Thursday, her course is already 7.93 liters per dollar. According to experts, this depreciation of the Lyra negatively reflects on courses of other currencies of developing countries, including Kazakhstan's tenge.
Course Lyra in relation to the dollar for the last week
Ruslan Loginov
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