The new tenge exchange rate is beneficial to the country’s economy: Kazakhstan’s Central Bank Governor

The new tenge exchange rate is beneficial to the country’s economy, Kairat Kelimbetov, Kazakhstan’s Central Bank Governor believes. “There are global changes going on. We are not isolated from the rest of the world. That is why we made the decision to change the currency policy to the benefit of Kazakhstan (…) the National Bank in the mid run will be making sure the tenge exchange rate is 185 tenge per USD1”, he said. “In partnership with the Government, the National Bank will be making sure to maintain the inflation rate at 6-8%. We will make sure prices for essential foodstuffs will not grow (…) the changes will enhance the competitive ability of Kazakhstan-based producers (…) notably those working in agriculture and light industries”, Mr. Kelimbetov believes. The National Bank will make sure currency exchange outlets don’t try to pursue limit-exceeding profits in the wake of the devaluation. Tough measures will be taken to penalize violators, he said, emphasizing “ the spread in currency exchange transactions should be no more than 2 tenge per each sold or bought US Dollar. Tough measures, including withdrawal of licenses, will be applied to those violating the regulation”, he said.