Governor of the National Bank of Kazakhstan Kairat Kelimbetov said that a devaluation of the tenge is possible if oil prices fall below $50 per barrel.
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.
Kazakhstan’s banks assets grew by 17.9% in 2014, reaching $98 billion, according to the Central Bank.
Experts talk about the deficit of tenge experienced by commercial banks in Kazakhstan.
Olzhas Khudaibergenov, Director of the Center for Macroeconomic Research, outlined measures to reduce the currently excessive dollarization of the country’s economy.
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.
Overview of 2014 and the key events in Kazakhstan.
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.
Despite the drop in oil prices, Kazakhstan’s National Fund continues to grow.
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.
Kazakh officials have responded to the remakrs of the chairman of the board of directors of Russia’s National Payment Council, who said that the EEU could see a ban on interstate transactions in dollars and euros.
Experts say stagnation in the Russian economy has had its effect on the Kazakh-Russian trade turnover.
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.
Experts talk about tasks set by Nazarbayev in his State-of-the-Nation Address and allocation of additional $3bln in the next three years.
- exchange rate
- Central Asia
- US dollar
- National Bank
- National Fund
- Nursultan Nazarbayev
- South Korea
- Samruk Kazyna
- Central Bank
- Eurasian union