According to him, the money had been invested to Kazakhstan’s instruments in February – May in hope for the tenge appreciation.
Assets of the National Fund alone as of the end of August stood at $40.35 billion, 30.25% up from the start of the year.
Half of Kazakhstanis believe the national currency is stable.
If we talk of some reserve currency in our region, it should be a basket of the China’s renminbi, the Russia’s rouble and the Kazakh tenge: Kelimbetov.
The figure made up $73.3 billion as of the end of June.
According to him, the growing demand for foreign currencies was mostly driven by mass purchases of previously owned cars imported to Kazakhstan for the period of mild customs duty from July 1,2010 to July 1, 2011.
Experts of BTA Analitika are expecting tenge to keep strengthening in 2011.
According to National Bank’s Vice Chairman Bissengali Tadjiyakov, the measure is necessary given the robust growth of the bilateral trade turnover: the current figure stands at $20 billion and is set to triple by 2015.
The agreement was signed in Moscow in December 2010 by the Customs Union states.
Deputy Chairman of the National Bank Bissengali Tadjiyakov made the comments following Belarus devaluing its currency by 50%.
Both the yuan and the ruble are growing more demanded to service external trade: Gregory Marchenko, Head of Kazakhstan’s National Bank.
In April, gold and currency reserves grew by 5.14%, with net currency reserves growing by 4.92% and gold reserves growing by 7%.
The sides undertake to pursue an economic policy to raise confidence in the national currencies of the Customs Union states.