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Governor of National Bank of Kazakhstan sees no reasons to worry about dynamics on international markets 31 октября 2014, 00:35

Governor of the National Bank of Kazakhstan has declared there was no reason to be worried about falling oil prices and West-Russia sanctions reciprocation.
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Photo courtesy of ortcom.kz Photo courtesy of ortcom.kz

Kazakhstan is ready for radical changes in the world economy and sees no need for repeated devaluation of the national currency - the tenge, Tengrinews reports citing the Governor of the National Bank of Kazakhstan Kairat Kelimbetov.

“I would like to declare one more time: those changes we see on TV today and those forecasts for 2015-2016 – they give no reason to worry. We are not considering additional currency rate corrections or devaluation,” Kelimbetov said at the Central Communications Services briefing.

Kelimbetov stressed that the safety margin of the currency adjustment conducted by the National Bank in February - the nearly 20% devaluation of the Kazakh tenge - and the safety margin of the Kazakh economy allowed "looking very optimistically even on these radical changes that are to take place in 2014-2016", such as sliding oil prices and sanctions confrontation between Russia and the West.

Kelimbetov noted that forecasts indicated that in 2015 the oil prices would be at about $85 per barrel but its further significant drop could not be ruled out - the prices could fluctuate between $60 and $80 per barrel.

But Kazakhstan was ready for this, Kelimbetov said. International reserves of the country exceeded $104 billion.

“I would also like to emphasise that the results of the first 9 months of this year saw our reserves grow 9 percent and foreign exchange reserves grow more than 10 percent. And we are expecting growth by the end of October again. Despite all the insinuations, our forex reserves grow every month. So, we don’t see any reasons to worry," the Governor of the National Bank of Kazakhstan said.

Reporting by Altynai Zhumzhumina, writing by Dinara Urazova

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