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Kazakhstan banks will start issuing loans denominated in the tenge, the country’s national currency, in the nearest future, the country’s Central Bank Governor Kairat Kelimbetov told today.
Kazakhstan banks will start issuing loans denominated in the tenge, the country’s national currency, in the nearest future, the country’s Central Bank Governor Kairat Kelimbetov told today.
When answering questions, he elaborated why banks had opted for issuing loans denominated in the USD rather than in the tenge some time ago. “It was a natural response of the banks (…) they had been expecting a drastic currency devaluation and they insured against currency-related risks (…) besides, they lacked tenge supplies”, he said.
The banker emphasized there would be no sharp currency devaluation. “Everyone need to keep calm and get back to normal business operations (…) I want to remind that tenge-denominated deposits will bring you an interest of up to 10%, whereas USD-denominated deposits will only be offering 3%. There are no currency-related risks for banks, privately held legal entities or government-owned enterprises (…) the Central Bank will be providing banks with money to tackle short supply of the tenge. I believe tenge-denominated loans will be available very soon”, he said.
February 11 at the extended sitting of the government President Nazarbayev called the country’s people not to buy into rumors of allegedly imminent currency devaluation.
