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Kazakhstan’s Central Bank Governor on national currency appreciation

04 september 2014, 12:26
© Yaroslav Radlovsky
© Yaroslav Radlovsky

Kazakhstan’s Central Bank is planning to change the exchange rate fluctuations corridor for the tenge, the country’s national currency, Tengrinews.kz reports, citing the Bank’s Governor Kairat Kelimbetov as saying on the sidelines of a conference on Islamic finance.

“Let's look at the Russian rouble (…) The current exchange rate pairs stay stable at 185 +/- 3 tenge per $1 and at 40-42 tenge per 1 Russian rouble (…) all of you could stay calm, not trying to convert your savings to other currencies”, Mr. Kelimbetov said.

He briefed that as of the end of August the gold and FX reserves of the National Bank grew to reach $27.7 billion. “We believe there is ample room for the tenge to appreciate (…) we are thinking of expanding the exchange rate fluctuations corridor, with the figure being able to go downwards by 15 tenge, which means the USD exchange rate could go down to 181, 180 or even 179 tenge per $1. It will depend on the market conditions”, he said, adding that he doesn’t rule out the USD exchange rate could further go down to 170 tenge per $1 [as compared to the current 183 tenge per $1]. According to him, the National Bank is expected to take a decision on the corridor as early as this week.

Starting from February 11, 2014 Kazakhstan’s Central Bank decided to stop supporting the tenge exchange rate, decrease currency interventions and stop interference with setting the tenge exchange rate, the Central Bank announced.

The new exchange rate was expected back then at 185 tenge for 1USD (up from 155 tenge for 1 USD).

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