site.news_by_theme currency

Olzhas Khudaibergenov on currency interventions

Wednesday, September 16, the country’s Central Bank had to resort to currency interventions worth $114 million to sustain the tenge exchange rate.

Olzhas Khudaibergenov on currency interventions
Head of Development Bank of Kazakhstan Bolat Zhamishev. Photo © RIA Novosti
Devaluation necessary for restoration of Kazakh currency market: Bolat Zhamishev

Chairman of the Development Bank of Kazakhstan Bolat Zhamishev about devaluation of the Kazakh tenge and outlook of Kazakhstan's economy.

Devaluation necessary for restoration of Kazakh currency market: Bolat Zhamishev
Ms. Umyt Shayakhmetova Yaroslav Radlovsky ©
Capital outflow to neighboring Russia totaled $11 billion in 2014 due to efforts to maintain tenge exchange rate

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.

Capital outflow to neighboring Russia totaled $11 billion in 2014 due to efforts to maintain tenge exchange rate
Tengrinews.kz ©
How new monetary policy will affect country’s banking system

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.

How new monetary policy will affect country’s banking system
©Turar Kazangapov
Nazarbayev explains reasons for switching to floating exchange rate

Nazarbayev has elaborated on the reasons behind Kazakhstan's decision to send its tenge floating.

Nazarbayev explains reasons for switching to floating exchange rate
©Turar Kazangapov
Nazarbayev urges exporters to sell dollars at home

After the devaluation of the Kazakh national currency tenge, Kazakhstan president asked exporters to sell dollars at the domestic market.

Nazarbayev urges exporters to sell dollars at home
Photo courtesy of tengrinews.kz
Nazarbayev instructs National Bank to compensate tenge deposits

President of Kazakhstan instructed the National Bank to initiate a mechanism of compensation for private fixed-term deposits in tenge.

Nazarbayev instructs National Bank to compensate tenge deposits
Analysts on fair market exchange rate of USD to tenge

August 20 the country’s Central Bank renounced its policy of the set currency band, letting the national currency float freely.

Analysts on fair market exchange rate of USD to tenge
Turar Kazangapov ©
Kazakhstan’s PM Karim Massimov on further economic prospects

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.

Kazakhstan’s PM Karim Massimov on further economic prospects
©hitch.kz
Kazakh currency falls 23 percent after switch to free-float

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.

Kazakh currency falls 23 percent after switch to free-float
PM Massimov on how Kazakhstan avoided default

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.

PM Massimov on how Kazakhstan avoided default
REUTERS ©
Kazakhstan central bank on why fixed currency exchange rate had to be renounced

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.

Kazakhstan central bank on why fixed currency exchange rate had to be renounced
Turar Kazangapov ©
Kazakhstan opts for floating exchange rate for its currency

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.

Kazakhstan opts for floating exchange rate for its currency
©Tengrinews
Causes of tenge-dollar exchange rate spike unclear

People in Kazakhstan wonder about the meaning of August 19 spike in tenge-dollar exchange rate, while the National Bank keeps silent.

Causes of tenge-dollar exchange rate spike unclear
©REUTERS
New devaluation in Kazakhstan?

Kazakhstani banks raise dollar-tenge exchange rate. People fear another devaluation of the currency. The Kazakh National Bank is silent.

New devaluation in Kazakhstan?
China's long march to currency reform takes a step forward
China's long march to currency reform takes a step forward

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.

China's long march to currency reform takes a step forward
Photo courtesy of alphacoders.com
Loans in dollars are dangerous: head of Kazkom

Chairman of the Board of of Kazkommertsbank said that issuing and obtaining loans in dollars in Kazakhstan was dangerous.

Loans in dollars are dangerous: head of Kazkom
©REUTERS
Economic slowdown expected in Central Asia in 2015: IMF

The newly published IMF report on economic prospects of the Caucasus and Central Asia is not very optimistic.

Economic slowdown expected in Central Asia in 2015: IMF
Photo © Turar Kazangapov
Kazakhstan rules out possibility of single EEU currency

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.

Kazakhstan rules out possibility of single EEU currency
Radiotochka.kz/Denis Plavsky ©
Russia’s First Vice Prime Minister on currency union within Eurasian Economic Union

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.

Russia’s First Vice Prime Minister on currency union within Eurasian Economic Union