Kazakhstan capable of maintaining stability of the national currency: Central Bank Head

Gregory Marchenko. ©Vladimir Dmitryev

Kazakhstan has a substantial potential to maintain stability of its national currency, the tenge, Gregory Marchenko, Chairman of the Central Bank, stated at the sitting of the Nur Otan fraction September 20, Bnews.kz reports. “The exchange rate remains stable regardless of global economy developments. We do have a potential to maintain stability of the tenge”, Mr. Marchenko said. He emphasized that the situation at the FX market in Kazakhstan had been stable throughout the year, with the tenge in the range of 145.2 KZT – 145.5 KZT for 1 USD. “Since the start of the year the Tenge has strengthened against the US Dollar by 4.3% in real terms, whereas the Russian rouble has strengthened by 12%. Kazakhstan’s exporters are in a better position than their Russian counterparts”, Marchenko said. Central Bank Head also said that the annual inflation rate as of the end of August 2011 stood at 9%. According to him, among the major factors driving the inflation were lack of competition in certain markets of goods and services, unstable situation at global markets, as well as differences in price for foodstuffs and fuel between Kazakhstan and neighboring Russia. Mr. Marchenko emphasized that the main goal of the Central Bank is to retain inflation within the range of 6-8%.

Kazakhstan has a substantial potential to maintain stability of its national currency, the tenge, Gregory Marchenko, Chairman of the Central Bank, stated at the sitting of the Nur Otan fraction September 20, Bnews.kz reports. “The exchange rate remains stable regardless of global economy developments. We do have a potential to maintain stability of the tenge”, Mr. Marchenko said. He emphasized that the situation at the FX market in Kazakhstan had been stable throughout the year, with the tenge in the range of 145.2 KZT – 145.5 KZT for 1 USD. “Since the start of the year the Tenge has strengthened against the US Dollar by 4.3% in real terms, whereas the Russian rouble has strengthened by 12%. Kazakhstan’s exporters are in a better position than their Russian counterparts”, Marchenko said. Central Bank Head also said that the annual inflation rate as of the end of August 2011 stood at 9%. According to him, among the major factors driving the inflation were lack of competition in certain markets of goods and services, unstable situation at global markets, as well as differences in price for foodstuffs and fuel between Kazakhstan and neighboring Russia. Mr. Marchenko emphasized that the main goal of the Central Bank is to retain inflation within the range of 6-8%.

Tenge Russia ruble National Bank Marchenko Kazakhstan Kazakh inflation dollar