Kazakhstan’s Central Bank Governor on tenge prospects

Kazakhstan’s Central Bank will not allow sharp fluctuations of the tenge, Kazakhstan’s national currency, Kairat Kelimbetov, the country’s Central Bank Governor, stated January 15 at a special sitting presided over by President Nazarbayev, a Tengrinews.kz journalist reports, citing the President’s Press Service.

Mr. Kelimbetov briefed those in attendance on the 2014 results and major vectors of the macroeconomic policy in 2015. According to him, back in 2014 the country’ economy accumulated certain margin of safety. The country’s gold and FX reserves reached $102 billion, including $73 billion with the National Oil Fund [accumulating windfall oil revenues]. “Coupled with the Nurly Zhol antic-crisis program launched in November, all this enables to formulate the country’s economic policy for 2015. The National Bank intends not to allow sharp fluctuations of the tenge”, Mr. Kelimbetov said.

Yerbolat Dossayev, the country’s National Economy Minister, emphasized that the three major economic scenarios rely on different prices of oil. According to him, the Nurly Zhol antic-crisis program will be the backbone of the country’s economic policy for 2015. “Besides, some practical measures have been drafted, including a plan to support industrial enterprises, public and private partnerships, create new jobs”, Minister Dossayev said.