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No immediate probability of currency devaluation in Kazakhstan: National Bank Deputy Chairman

24 may 2011, 10:41
National Bank. ©Vladimir Dmitryev
National Bank. ©Vladimir Dmitryev
There is no immediate probability of currency devaluation for Kazakhstan, Deputy Chairman of the National Bank Bissengali Tadjiyakov stated.

“We have stated on several occasions that there is no immediate probability of currency devaluation for Kazakhstan. First of all, the currency exchange rate is steadily strengthening; secondly, the nation has a vast exports potential; thirdly, balance of payments is positive; fourthly, our gold and currency reserves stand at $73 billion. Devaluation is out of the agenda. That is for sure”, he said.

He made the comments following Belarus devaluing its currency by 50%.

Early May Kazakhstan’s Senate ratified the Agreement on concerted principles of currency policies signed in Moscow in December 2010 by the Customs Union states. The sides undertake to harmonize approaches to forming their respective currency policies and to stagedly put in place legal frameworks to facilitate integration in the currency realm. The sides undertake to pursue an economic policy to raise confidence in the national currencies of the Customs Union states both inside and outside their respective currency markets.

The Customs Union between Russia, Kazakhstan and Belarus came into existence on January 1, 2010 to boost trade and investment. According to the statement made at the press-conference in Minsk, the Customs Union was formed on the WTO principles.

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