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Is the tenge stable?

17 august 2011, 14:57
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©REUTERS
©REUTERS
According to a recent poll carried out in 16 cities by Institute for Political Solutions, half of Kazakhstanis believe the national currency, the tenge, is stable.

According to the study, 45.2% of the respondents believe in stability of the tenge. 10.7% of the respondents are expecting the currency to devalue in the nearest future; another 10.9% of the respondents believe the tenge could be used as a region-scale reserve currency. Over 20% of the respondents believe the currency is unstable and excessively depends on fluctuating global prices for commodities.

During an on-line conference at Profinance.kz early July Kazakhstan’s National Bank Governor Gregory Marchenko had emphasized importance of diversified savings. When asked 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 with the other 50% kept in some other currency chosen at your own discretion”.

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