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Don’t put all eggs in one basket: National Bank Governor Gregory Marchenko

08 july 2011, 16:08
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Gregory Marchenko. ©Vladimir Dmitryev
Gregory Marchenko. ©Vladimir Dmitryev
Kazakhstan’s National Bank Governor Gregory Marchenko believes it important to diversify savings. When asked during the on-line conference at Profinance.kz whether it makes sense to keep savings in China’s Renminbi, he answered “the breakdown of the savings portfolio depends on preferences. It’s advisable to keep 50% of your savings in tenge (Kazakhstan’s national currency) with the other 50% kept in some other currency chosen at your own discretion”.

Tengrinews.kz reported earlier, citing National Bank’s Vice Chairman Bissengali Tadjiyakov, that starting from July 1, 2011 Kazakhstan and China would shift to mutual settlements in their national currencies (tenge and renminbi respectively).

According to Mr. Tadjiyakov, the measure is necessary given the robust growth of the bilateral trade turnover: the current figure stands at $20 billion and is set to triple by 2015.

“The National Bank of Kazakhstan and the People’s Bank of China have agreed on currency swaps of $1 billion. (…) The amount will be accommodated within a few years’ time, not right away. Banks will be buying currency from us. Both parties will have certain benefits: there will be no additional fee related to currency conversion; the parties will be enjoying direct settlements; the measure will facilitate development of relations between the two banks”, Mr. Tadjiyakov said mid-June.

When pointing to the necessity of foreign trade-related settlements in national currencies with the neighboring countries, Mr. Marchneko specified mid-May that the US$ accounts for 99% of settlements between Kazakhstan and China.

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