June 9, 2020 / 3:35 AM / a month ago

Kazakhstan sells $1.1 bln of reserves on domestic market in May

ALMATY, June 9 (Reuters) - Kazakhstan’s central bank sold $1.1 billion from the rainy-day National Fund on the domestic market in May, central bank governor Yerbolat Dosayev said on Tuesday.

Such sales are made in order to transfer money to the state budget, but they also prop up the tenge currency. Additionally, state-owned companies sold $156 million on the market in May, Dosayev told a government meeting. (Reporting by Mariya Gordeyeva; Writing by Olzhas Auyezov; Editing by Muralikumar Anantharaman)

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