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National Bank of Kazakhstan planning currency swap operations with China and Russia

10 may 2011, 15:51
0
Gregory Marchenko
Gregory Marchenko
The National Bank of Kazakhstan plans currency swap operations with the People’s bank of China and the Central Bank of Russia, Gregory Marchenko, Head of Kazakhstan’s National Bank announced today, Novosti Kazakhstan reports.

According to him, respective agreements have already been reached with the People’s bank of China.

“We will be providing them with tenge, and they will be providing us with yuans. Formally, this won’t be part of gold and currency assets (…) to be part of the gold and currency assets, yuan should be acknowledged as freely convertible currency by the IMF. Such a decision could be taken within the following year, then a certain share of the gold and currency assets will be denominated in yuan”, Mr. Marchenko said. “The situation is similar with regards to the Russian ruble… both yuan and ruble are growing more demanded to service external trade (…) the gold and currency assets of Kazakhstan won’t be changed, but we will be getting funds in yuan and ruble”.

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

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