Emerging Markets Rates and Currencies Handbook

Kazakhstan (KZT - Kazakh Tenge) Citi in Kazakhstan Citigroup has maintained its presence in Kazakhstan since 1994 when it opened a representative office. In 1998 Citibank Kazakhstan JSC, a 100% subsidiary of Citigroup with a full banking license from the Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market (1.2.1.2.247/81/30 issued on 3 February 2020), opened its doors to corporate customers. Today Citibank Kazakhstan JSC is a major lending, transactional bank to Kazakhstan corporations, financial institutions, and state owned companies, as well as Kazakhstan subsidiaries and representative offices of leading international firms. Market Overview Free float with inflation targeting regime. Central bank has the right to intervene in the market when there is a threat to the financial stability. Main volumes come from corporate, government, quasi government and public sector clients. Main currency pairs: USD/KZT; RUB/KZT; EUR/KZT; EUR/USD. In March 2022 USDKZT spiked from 426 to 512 and later stabilized at 460-480 levels. Starting 2023, average daily spot volumes on local exchange has risen by 20% compared to 2022, reaching $130-150mio p/day. Foreign inflows amounted to 43.5bn USD as of the end of 1Q 2023. Convertibility Fully Convertible. 101