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Tengrinews.kz - Chairman of the National Bank Timur Suleimenov commented on the tenge exchange rate and the influence of external factors on the country’s economy.
During a briefing, journalists asked the head of the National Bank why the tenge was not strengthening as much as the Russian ruble amid US-Russia negotiations.
"Russia's financial system is their own. Kazakhstan's economy and financial system are separate. Therefore, it is incorrect to assume that parity will always be 5 (5 tenge per 1 ruble – Ed.)," Suleimenov stated.
He also emphasized that while the outlook for the Russian economy appears optimistic if sanctions are lifted and external economic conditions improve, such changes would not have a significant impact on Kazakhstan.
"For us, nothing will change significantly. Therefore, we do not foresee any particularly positive or negative effects on the tenge from the US-Russia negotiations. In my opinion, this question is not framed correctly. The tenge moves based on Kazakhstan's market realities," the National Bank head concluded.
Earlier, Vice Minister of National Economy Arman Kassenov explained the key factors influencing the tenge exchange rate and whether a devaluation should be expected.
