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There is a substantial margin of safety of the tenge: Finance Minister

18 december 2014, 15:38
Turar Kazangapov ©
Turar Kazangapov ©

 The country’s Central Bank assures the tenge, Kazakhstan’s national currency, is stable and reliable [despite the depreciating rouble of the neighboring Russia], Finance Minister Bakhyt Sultanov stated when answering a question from a Tengrinews.kz journalist on whether falling oil prices and tumbling rouble exchange rate would have a tangible impact on the Kazakhstan’s tenge.

“The country’s Central Bank asserts there is a substantial margin of safety of the tenge (…) and of the entire country’s economy. The [20%] currency devaluation that took place back in February envisaged a certain safety factor for the future”, the Minister said.
He reminded that Head of State had recently tasked the Government and the Central Bank to shift to inflation targeting to curb the inflation rate.

He urged not to fall victims of rumors, assuring that “the Central Bank has been closely monitoring fundamentals affecting the tenge exchange rate”.

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