Kazakhstan Weekly Money Market Wrap
A good week for tenge: KZT appreciates on FX and rises in value on repo
TONIA showed 15.02% during the week at max, concluding the period with a slight decrease to 14.88%. TRION was boosted up to 15.04% finishing the week with 14.87%. TWINA followed [...]
NBK’s reduction of notes led to a shortage of investment alternatives in short-term risk-free securities
NBK previously stepped out from the issuance of 3-month and 6-month notes (since June and March 2022, respectively), going on with weekly issuances of 1-month notes. Now the [...]
By the end of September, overnight repo rates settled above the base rate
TONIA moved in a wider corridor than on the last week resulting in a 43 bps spread (14.25-14.68%). TRION fluctuated in the range of 14.25-14.64% during the week with [...]
Volumes on the overnight repo market built up while the 7-day repo remained low
TONIA moved within the range of 14.34-14.68% during the week. Daily average transaction volume resulted in KZT436.15 bn (USD911.7 mln), rising by 10.34% since last week. TRION concluded [...]
Money market keeps relative stability amidst the NBK decision to keep the base rate unchanged
TONIA opened the week with 13.54% and gradually rose to 14.34% striving to the base rate of 14.50%. TRION moved closely to TONIA and finished the week with [...]
NBK kept the base rate unchanged at 14.50% against the persistently high inflation which is mainly caused by external price factors
On September 5, the National Bank of Kazakhstan (“NBK”) decided to maintain the base rate at existing level of 14.50% with a corridor of ±1pp. around the benchmark [...]
Tax week contributed to the movement in both money and foreign exchange markets
This week TONIA moved within the range of 13.50-15.25%, approaching the upper boundary of the NBK base rate corridor by the end of the week. TRION concluded the [...]
Repo rates do not adjust to the previous base rate hike — TONIA is at the lower boundary of the base rate corridor
The rates TONIA and TRION on the overnight repo market remained stable during the whole week, continuing to follow the bottom line of the base rate – 13.50%. For [...]
The NBK placed monthly notes in the amount of KZT530 bn — a record high since October 2021
During the week, overnight repo rates (TONIA, TRION) were unchanged at 13.50% - the level of the lower limit of the base rate corridor. TWINA moved within the 13.47-13.54% [...]
Overnight repo rates started the week forming below the lower boundary of the base rate corridor
During the week TONIA moved within the range of 13.46-13.50% with an average volume of KZT436.08 bn per day. TRION movement was limited to 2 bps during the reporting [...]
NBK raised the base rate by 50 bps to 14.50% against the accelerating inflation forming beyond target levels
On July 26, the National Bank of Kazakhstan (“NBK”) decided to raise the base rate by 50 bps up to 14.50% with a corridor of ±1 pp. around [...]
Repo market is calming down while the exchange rates beat the anti-records
During the week repo rates have been stable awaiting the decision of NBK regarding the base rate. Thus, TONIA kept 13.00% during the whole week bouncing to 12.86% [...]