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Kazakhstan’s Central Bank Governor on possible currency devaluation

21 october 2014, 16:45
Central Bank Governor. © Yaroslav Radlovsky
Central Bank Governor. © Yaroslav Radlovsky

Kazakhstan’s Central Bank Governor Kairat Kelimbetov commented on rumors of imminent currency devaluation at a briefing at the President’s Central Service for Public Communications.
“I believe there are no grounds for concerns. The safety margin of the currency devaluation that took place back in February is still significant”, he said.

“When it comes to estimates, this year we have been facing issues related to powerful rumor attacks. Some economists believe it’s their duty to forecast currency devaluations or dilute any reasons for currency devaluations. It’s like a broken clock showing the right time twice a day. It makes sense to track all the forecasts a so-called expert has made to understand the value of his or her “forecasts”. Besides, I believe spreading rumors is the way devaluation expectations are being intensified artificially (…) all those voicing their estimates and forecasts should be aware of their responsibility”, he said when talking about a reportedly imminent second wave of the currency devaluation.

Earlier, Olzhas Khudaibergenov, advisor to the Central Bank Governor, refuted such rumors.

“We believe the currency exchange corridor of 170-188 tenge per $1 is a balanced value that takes into account all the changes happening in the world”, Kelimbetov said, emphasizing that those voicing their estimates should take into due consideration the country’s international reserves. “As of now the country’s reserves stand at over $100 billion. It’s a huge cushion, enabling us to look into the future with confidence”, he said. He also assured “the nation is not facing any shortages of cash”.

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