Central Bank Governor reports to Nursultan Nazarbayev on the currency market

Governor of the National Bank Grigory Marchenko has reported to the President of Kazakhstan on the situation in the currency market, presidential press-service says. Since the beginning of the 2011 the National Bank has purchased 6 billion dollars. Nominal exchange rate of Kazakh tenge against US dollar has strengthened by 1.25 percent, Tengrinews.kz reports referring to the official data. “There has been no increase in money supplies or any influence on the inflation rate. The situation does not pose any problem to the competitiveness of our economy. Other currencies, such are Euro, Russian Rubble, Chinese Yuan are strengthening against US dollar much faster than Kazakh tenge is. So we can continue strengthening Kazakh tenge against US Dollar continuing to maintain the National Bank’s control over the situation. This will not result in a decrease of competitiveness of Kazakhstan’s economy,” Marchenko told the journalists after the meeting with the President.