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No reason for the tenge’s steep appreciation

31 march 2011, 18:21
0
Gregory Marchenko. By Vladimir Dmitriev ©
Gregory Marchenko. By Vladimir Dmitriev ©
In 2011 the national currency, tenge, will not appreciate more than to KZT 140 per US $ 1, KazTAG reports.

“There are no grounds for the tenge to steeply appreciate. The tenge exchange rate will find its comfort zone; and we are likely to have already reached it”, National Bank Chairman Gregory Marchenko said.

In 2011 the tenge has strengthened against the US Dollar 1.1%. To curb strengthening of the national currency, the National Bank purchased $ 1.8 billion in January, $ 2.7 billion in February and about $ 1 billion in March. According to Mr. Marchenko, in April the National Bank plans to adopt a new strategy of forming its gold-and-currency reserves, and the US Dollar is likely to have a smaller share in the reserves.

The National Bank of Kazakhstan returned to a “managed” free float of the tenge by abolishing the tenge’s trading corridor on Feb. 28. The currency is traded at 145.6 today.

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