Regulatory Alerts2026-06-01
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Bulletin on the FX Market, June 1, 2026
The National Bank of Kazakhstan issued its May FX market bulletin detailing a 5.1% tenge depreciation to 486.51 per USD, a USD 6.7 billion monthly trading volume, and a projected USD 200–300 million National Fund sales allocation for June budget transfers. The report outlines that approximately KZT 354 billion was sterilized through the mirroring mechanism in May with identical June targets, while quasi-government entities sold USD 410 million under mandatory requirements and the National Bank purchased USD 878.5 million to rebalance UAPF pension assets below the 40% foreign currency threshold. Reaffirming its commitment to a flexible exchange rate regime and market neutrality, the central bank noted zero direct interventions in May and projected that near-term tenge movements will be dictated by quarterly tax payments, global market conditions, and geopolitical developments.