According to the Association of Financiers of Kazakhstan (AFK), since the beginning of this year, non-residents have spent $89 million to purchase the National Bank’s notes, a fourfold increase over the December figure.
The AFK believes that the strong appetite for those notes was mainly driven by expectations of the U.S. Federal Reserve to cut the base rate soon due to the disinflationary phase in the U.S. The analysts also noticed a strengthening of the tenge exchange rate against USD by 1.76 tenge to 449.96 per dollar. This trend was supported by growing interest in the National Bank notes, a...