The rate of 451.05 was set from trading on 23 October and applies to 24, 25, 26 and 27 October, four calendar days in a row. Republic Day fell on Sunday 25 October, and the day off moved to Monday, so the exchange did not trade until today. One fixing, four days.
The month opened at 440.86 on 1 October, the strongest fixing of October. The weakest was 454.98 on 6 October. Over the four weeks the range between the strongest and weakest fixings was 14.12 tenge.
The path ran in steps, with no straight line in it. From 440.86 the rate moved to 447.73 for 3 October and 454.98 for 6 October, back to 447.14 for 8 October, out to 453.93 for 10 October, then held between 448 and 455 through the middle of the month: 451.31, 448.45, 450.62, 454.14, 452.12.
Over the four weeks the range between the strongest and weakest fixings was 14.12 tenge.
The week of the rate decision began at 452.59 on 20 October and firmed each day: 450.69, 448.61 and 447.94 for 23 October, the day the bank announced its decision and the strongest fixing since 8 October. The rate set that day for 24 October came out at 451.05, a move of 3.11 tenge, or 0.69 percent, and the largest daily step since 16 October.
Against 20 October the current rate is 1.54 tenge stronger, or 0.34 percent, so the week of the decision ended with a net gain for the tenge despite the step on its last day. Against 1 October it is 10.19 tenge weaker.
The decision of 23 October, and the bank’s reading that another change in the base rate this year is unlikely, is set out in CAW’s analysis of 26 October.
President Kassym-Jomart Tokayev will deliver his Address to the nation on 28 October in the first half of the day, by the date he gave on X on 20 October. The rate set from tomorrow’s trading, for 29 October, will be the first fixed after the Address.
