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No drastic changes of the tenge exchange rate: Central Bank Governor

03 june 2015, 13:12
Turar Kazangapov ©
Turar Kazangapov ©

Kazakhstan’s Central Bank still plans to not allow drastic changes of the tenge exchange rate in the current year, Newskaz.ru reports, citing Kairat Kelimbetov, the country’s Central Bank Governor, as saying at the sitting of the Majilis, the Parliament’s lower chamber, today.

“As you know, amidst high currency devaluation expectations from November 2014 many banks and companies have converted their disposable amounts into US Dollars as they have been waiting for a new currency devaluation (…) As was stated in a joint statement of the Government and the National Bank earlier, we plan not to allow any drastic changes of the tenge exchange rate in the current year”, he said.

He emphasized that the currency exchange rate depends on the global prices for oil and the economic situation in the neighboring Russia.

During the press conference at his Astana-based Akorda Residence on April 27, the Kazakhstan President addressed the pressing issue of the national currency devaluation prospects.
Nazarbayev declared that no devaluation of the tenge would happen right after the presidential elections, as it had been predicted earlier by some analysts.

“No such thing will be happening right after the elections. We will continue working in the same way we have been working. There are no prerequisites (for a devaluation). I have already said that if something were to happen, I would inform you myself. There have been currency fluctuations due to the tumbling Russian ruble. But as you can see, today everything is stable. There are no such plans,” Nazarbayev said.

At the same press conference, Nazarbayev also addressed the possibility of letting the tenge float.

“It is a separate issue. We are working towards letting the tenge float, but it is a very complex issue. We are working on it with the International Monetary Fund. It might happen not earlier than five years from now,” Nazarbayev said at that time.

On February 11, 2014, Kairat Kelimbetov announced a one step devaluation of tenge away from the previous rate of 155 tenge per dollar to the new weighted average of 185 tenge per dollar. “The National Bank expects that the new exchange rate will be at around 185 tenge per US Dollar,” Kairat Kelimbetov said adding that the central bank will be supporting the nation currency and keeping it within the range of 182-188 tenge. For many Kazakshtanis the decision of the National Bank came like a thunderbolt.

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