Wednesday, September 16, the country’s Central Bank had to resort to currency interventions worth $114 million to sustain the tenge exchange rate.
Chairman of the Development Bank of Kazakhstan Bolat Zhamishev about devaluation of the Kazakh tenge and outlook of Kazakhstan's economy.
The part of the country’s FX and gold reserves spent earlier to maintain the tenge exchange rate [before the decision was taken August 20 to let the tenge float freely] was actually spent to bolster Russia’s economy: Halyk Bank Head.
Under such circumstances minor players of the market might opt for merging into bigger entities: Mr. Olzhas Khudaibergenov, Head of the Center for Macroeconomic Studies.
Nazarbayev has elaborated on the reasons behind Kazakhstan's decision to send its tenge floating.
After the devaluation of the Kazakh national currency tenge, Kazakhstan president asked exporters to sell dollars at the domestic market.
President of Kazakhstan instructed the National Bank to initiate a mechanism of compensation for private fixed-term deposits in tenge.
August 20 the country’s Central Bank renounced its policy of the set currency band, letting the national currency float freely.
The Government will be rendering support to socially vulnerable groups of population. In the long run (…) it’s impossible to support all troubled industries out of taxpayers’ money: Karim Massimov.
Energy-rich Kazakhstan announced it was abandoning its currency band for a free-floating exchange rate, in a move that triggered a 23-percent fall in the value of the tenge against the US dollar.
From August 20 the National Bank and the Government have decided to implement a new monetary policy based on inflation targeting and to renounce the earlier practiced currency corridor.
Inflation targeting is another type of monetary policy that rests on the inflation rate in the mid run, rather than on the currency exchange rate: Kairat Kelimbetov.
The National Bank will not be directly defining the exchange rate, but will retain the right to rely on currency interventions if the financial system faces threats of destabilization.
People in Kazakhstan wonder about the meaning of August 19 spike in tenge-dollar exchange rate, while the National Bank keeps silent.
Kazakhstani banks raise dollar-tenge exchange rate. People fear another devaluation of the currency. The Kazakh National Bank is silent.
China's currency devaluation is a step in the long march to a more open regime for the yuan, analysts say, but authorities will need to further loosen their controls to promote long-term growth.
Chairman of the Board of of Kazkommertsbank said that issuing and obtaining loans in dollars in Kazakhstan was dangerous.
The newly published IMF report on economic prospects of the Caucasus and Central Asia is not very optimistic.
Kazakhstan has once again ruled out the possibility of adopting a single currency for the Eurasian Economic Union (EEU), despite the propositions of the President of Russia Vladimir Putin.
March 20, 2015, while meeting Presidents if Kazakhstan and Belarus, Russia’s President Vladimir Putin said the three countries had approached the issue of launching a currency union.
- National Fund
- National Bank
- exchange rate
- Nursultan Nazarbayev
- Central Asia
- Central Bank
- Asia Pacific
- stock exchange
- Vladimir Putin