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In 2011 the national currency, tenge, will not appreciate more than to KZT 140 per US $ 1, KazTAG reports. “There are no grounds for the tenge to steeply appreciate. The tenge exchange rate will find its comfort zone; and we are likely to have already reached it”, National Bank Chairman Gregory Marchenko said. In 2011 the tenge has strengthened against the US Dollar 1.1%. To curb strengthening of the national currency, the National Bank purchased $ 1.8 billion in January, $ 2.7 billion in February and about $ 1 billion in March. According to Mr. Marchenko, in April the National Bank plans to adopt a new strategy of forming its gold-and-currency reserves, and the US Dollar is likely to have a smaller share in the reserves. The National Bank of Kazakhstan returned to a “managed” free float of the tenge by abolishing the tenge’s trading corridor on Feb. 28. The currency is traded at 145.6 today.
In 2011 the national currency, tenge, will not appreciate more than to KZT 140 per US $ 1, KazTAG reports.
“There are no grounds for the tenge to steeply appreciate. The tenge exchange rate will find its comfort zone; and we are likely to have already reached it”, National Bank Chairman Gregory Marchenko said.
In 2011 the tenge has strengthened against the US Dollar 1.1%. To curb strengthening of the national currency, the National Bank purchased $ 1.8 billion in January, $ 2.7 billion in February and about $ 1 billion in March. According to Mr. Marchenko, in April the National Bank plans to adopt a new strategy of forming its gold-and-currency reserves, and the US Dollar is likely to have a smaller share in the reserves.
The National Bank of Kazakhstan returned to a “managed” free float of the tenge by abolishing the tenge’s trading corridor on Feb. 28. The currency is traded at 145.6 today.
