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Kazakhstan people keep $18 billion at home: Central Bank Governor

10 september 2014, 23:53

Kazakhstan’s population keeps at homes around $18 billion, Tengrinews reports, citing Central Bank Governor Kairat Kelimbetov as saying.

“Massive misleading sms campaigns informing people of alleged bankruptcy of some of Kazakhstan-based banks in the wake of the 20% currency devaluation back in February and waves of rumors about possible devaluation recently have been encouraging people to keep their money at home. I wouldn’t want to teach (…) but keeping money at homes isn’t safe; the fact that around $18 billion is kept at people’s homes keeps burglary rate higher. Although keeping money at home is far from being safe, it is everyone’s individual choice,” Mr. Kelimbetov said.

According to him, the recently launched tax amnesty campaign might be a solution to stimulate people to deposit their money with banks. “We’ve been calling to take advantage of the tax amnesty to deposit money (…) I wouldn’t advise to be involved in currency speculations since they might be costly and unsafe. Fluctuations of the tenge or the USD exchange rate will not have a dramatic effect if you keep 50% of your savings in USD and Euro and the other 50% in the tenge. It’s inevitable you need some part of your money in the tenge to be able to pay for your daily necessities. However, the money kept at home doesn’t bring any profit,” he summed up.

He also emphasized that the Brent oil had hit its record low in the recent two days. “For the country’s central budget, the oil price at $90 per barrel would be the indicator to decide on the further fate of the tenge; the price at $80 would be the indicator that affects the country’s balance of payments,” Mr. Kelimbetov said, adding that the price oil at $80 per barrel coupled with the Russian rouble exchange rate standing at 43 roubles per $1 would be a reason for concerns. “As long as these indicators are more upbeat, we are asking Kazakhstan’s people to stay calm,” he said.

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