Gregory Marchenko answered the question whether the situation in Kazakhstan will be stable in 2012, considering the problems of the world market.
Renovation of 5000 tenge note is related to introduction of a new series of banknotes called Samruk.
We are cautious when managing the assets and I believe the National Bank has been doing it with professionalism: Gregory Marchenko.
When speaking of the importance of a single policy, Mr. Marchenko pointed to the substantial difference in volatilities of national currencies of the Customs Union member states against the US Dollar.
According to Mr. Marchenko, deposits are growing, with deposits shifting from the US Dollar to the tenge.
When it comes to domestic demand, the Kazakhs have been more interested in silver, according to Mr. Marchenko.
According to him, with the current prices for commodities the tenge is posed to strengthen.
According to him, Kazakhstan’s exporters are in a better position than their Russian counterparts.
According to him, the money had been invested to Kazakhstan’s instruments in February – May in hope for the tenge appreciation.
When commenting on the reasons behind the Bank’s decision to exercise its preemptive right to purchase Kazakhstan-produced gold, Mr. Marchenko pointed to lack of transparency in gold exports following the liberalization of the national market of precious metals.
According to him, if emerging nations don’t get prepared properly, the same thing may happen in 5 years’ time.
The interest is coupled with pent up demand.
Salaries of public sector employees have been raised by 30% since July 1.
According to him, the reason why insurance schemes are not popular is mentality of public at large.
According to Mr. Marchenko, “a degree from a Kazakhstan’s university is enough to be a successful financier”.
According to him, it’s advisable to keep 50% of your savings in tenge with the other 50% kept in some other currency chosen at your own discretion.
As the National Bank Governor explained, the National Bank is to buy back the 10 per cent share from the European Bank of Reconstruction and Development (EBRD).
It is very good, when there is a competitive environment and that creation of the Customs Union facilitates the market expansion: Gregory Marchenko.
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.
Starting from 2012 the amount was to be reduced from KZT 5 million ($34.2 thousand) to KZT 1 million ($6.8 thousand).