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Kazakhstan's economy benefits from devaluation: Kelimbetov

14 мая 2014, 13:53
Kairat Kelimbetov. Photo courtesy of ortcom.kz
Kairat Kelimbetov. Photo courtesy of ortcom.kz

National Bank Chairman Kairat Kelimbetov declared that the economy of Kazakhstan responded positively to the recent 20% devaluation of the Tenge, Tengrinews reports.

"We had a current account surplus of $5.5 billion in the first quarter. Whereas last year we had a year-end current account deficit of $118 million. This shows that the economy gave a positive response to the exchange rate adjustment," Kelimbetov said.

The inflation rate in April was at 0.6 percent and the first quarter saw the inflation of 3.3 percent, he recalled. Adding all four months together, the total inflation is 3.9 percent. Therefore, the annualized rate makes about 6.5 percent, Kelimbetov calculated. To put the figure into perspective he cited the figure from the previous year – in four months of 2013 the inflation rate was at 4.8 percent.

"Save of the inflation rate spike in February, we are returning back to the normal inflation rate and expect to retain the inflation in the range of 6-8 percent in 2014."

Reporting by Altynai Zhumzhumina, writing by Dinara Urazova, editing by Tatyana Kuzmina

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