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National Economy Minister on possibilities of currency devaluation

09 october 2014, 16:47
Yerbolat Dossayev. Photo courtesy of ortcom.kz
Yerbolat Dossayev. Photo courtesy of ortcom.kz

No currency devaluation is expected in Kazakhstan, a Tengrinews journalist reports, citing the country’s National Economy Minister Yerbolat Dossayev as saying.

“There is no confirmed information on any imminent currency devaluation … we are not expecting any currency devaluation”, he told a briefing at the President’s Service for Public Communications.
He emphasized the Government had been closely watching the economic situation in the neighboring Russia. “Economic forecasts are being changed; some time ago the estimated economy growth was expected at 0.6% (…) recently international rating agencies and financial institutions have been talking of a further possible decrease of the figure”, he said.

“Kazakhstan’s Central Bank and the Government are thinking of preventive measures, trying to understand the prospects of the Russia's national currency», he said.

Earlier Anton Soroko, an analyst with FINAM Investing Holding Company, stated that the exchange rate of the tenge, Kazakhstan’s currency, will not be weakened over the depreciation of the Russia’s rouble. According to him, there are no reasons to worry about the tenge, although the Russian rouble has recently hit the record low.

According to Mr. Soroko, depreciation of the rouble will not have the Kazakhstan’s Central Bank change its policy, given that the regulator has recently changed the fluctuation corridor for the national currency downwards. “The move shows that there is no external pressure on the currency, and no significant effect of the depreciating rouble on the tenge is expected”, he said.

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