ASTANA, April 7 (Xinhua) -- Kazakhstan's national currency, the tenge, has strengthened significantly in recent weeks, buoyed by high oil prices, tight monetary policy and capital inflows, the Kazinform news agency reported Tuesday.
The official exchange rate stood at 466.33 tenge per U.S. dollar on Tuesday, up from 501.75 tenge on Feb. 27, reflecting a significant appreciation of the currency.
Kazakh National Bank Governor Timur Suleimenov said rising global oil prices have boosted foreign currency inflows and supported the tenge. Oil export revenues account for over half of Kazakhstan's export revenues.
Analysts also highlighted the country's elevated base interest rate of 18 percent, which has attracted investment into tenge-denominated assets. According to the National Bank, non-resident investment in government securities has increased by more than 600 million U.S. dollars since the start of the year. ■