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Tengrinews.kz - Chairman of the National Bank of Kazakhstan, Timur Suleimenov, has addressed the possibility of introducing a fixed exchange rate for the tenge.
During a briefing at the National Bank, journalists asked whether the regulator was considering fixing the tenge's exchange rate.
"We are not considering any measures related to a fixed exchange rate. This is a fundamentally flawed position and misconception. We acknowledge that any economist or financial expert may arrive at different conclusions—we do not claim a monopoly on this field. However, from our perspective, it is an incorrect approach that leads to long-term negative economic consequences, such as import dominance and the nullification of all our efforts toward diversification and industrial growth," Suleimenov explained.
Earlier today, the National Bank of Kazakhstan announced its decision on the base rate. The regulator also noted signs of an overheating economy.
