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Governor of the National Bank of Kazakhstan Kairat Kelimbetov speaks about the state of the financial market in Kazakhstan and what the government will do about it.
These transactions should be made through a bank account so that the National Bank and tax authorities could see the payments, he elaborated.
It was a natural response of the banks (…) they had been expecting a drastic currency devaluation and they insured against currency-related risks, he elaborated.
With the coming of February Kazakhstan's population and businesses were holding their breaths waiting for the National Bank's next move on the tenge. Is devaluation inevitable and how bad can it be? Kazakhstani experts Olzhas Khudaiberganov and Anuar Ushbayev say they have a plan.
Should there be some changes in the external markets, we will prevent a shocking currency devaluation and will be working to ensure a gradual change of the tenge exchange rate: Kairat Kelimbetov.
Standard & Poor’s has lowered Kazakhstan long-term ratings over dwindling revenues of the oil-rich country amid the global oil turbulence.
Kazakhstan’s banks assets grew by 17.9% in 2014, reaching $98 billion, according to the Central Bank.
As a rule, prices for gold grow amidst growing demand (…) the latter is normally driven by volatility of major currencies. Currently, the keen interest to gold is assigned to the weakening Euro. Gold is seen as a stable harbor: Minister for Investments.
Kairat Kelimbetov reassures the population of Kazakhstan of the stability of the tenge.
According to him, back in 2014 the country’ economy accumulated certain margin of safety. The country’s gold and FX reserves reached $102 billion, including $73 billion with the National Oil Fund.
Securities of 22 companies held by the Single Pension Fund of Kazakhstan now cost four times less then their nominal value.
The 12th Sammit of the Islamic Financial Services Board (IFSB) will take place in Almaty from May 19 to 21.
Kazakh economist Olzhas Khudaibergenov analyzes the joint statement of the Government and the National Bank of Kazakhstan and comments on their intention to de-dollarize the Kazakh economy.
The Central Bank of Kazakhstan has issued a new 1000 tenge bill.
Earlier Kazakhstan’s Central Bank Governor Kairat Kelimbetov reported that the country’s Central Bank was drafting an agreement with China’s Central Bank on currency swap of 7 billion renminbi.
Analyst of Alpari company believes the National Bank of Kazakhstan is maintaining the tenge exchange rate at this point, but certain conditions might require devaluing in the future.
Gold and FX reserves of the National Bank have grown by 15.8% since the start of the year.
Earlier Tengrinews.kz reported that hat the Central Bank in partnership with the Government intended to come up with a plan to reduce dollarization of the Kazakhstan’s economy.
“We want to come up with a payment system compatible with leading global payment systems”, he elaborated.
According to him, “unlike Russia, we enjoy a free access to the international markets (…) the Government has issued sovereign bonds worth $2.5 billion”.