National Bank Chairman on Trump: “High level of expectations and uncertainty“

Tengrinews.kz - Chairman of the National Bank of Kazakhstan Timur Suleimenov was asked about expectations from the inauguration of U.S. President-elect Donald Trump.

According to Suleimenov, the key will be what Trump's first decrees will be.

"Donald Trump's inauguration as U.S. President is an extremely important event. Not because of Trump himself, but because of his trade and economic policies, which can significantly affect many areas: commodity markets, labor markets, financial and energy markets - especially important for us, such as the oil market. The inauguration itself is more of a ceremony. However, the key thing will be what his first decrees will be.

Remember, he announced the introduction of duties of 60% on Chinese goods, then talked about 20%, mentioned other tariffs. So far, this remains only rhetoric. But when these plans are documented and if, for example, 50% of Chinese imports to the U.S. fall under a 30% rate, we will be able to accurately calculate how this will affect global commodity flows and our economy. Therefore, it is important to wait for the first specific actions and decisions. It is obvious that the situation is causing a high level of expectations and uncertainty," the Chairman of the National Bank commented.

Earlier, the National Bank of Kazakhstan decided to keep the base rate unchanged at 15.25% per annum, with a corridor of +/-1 percentage point, the regulator announced on Friday, January 17.

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