National Bank of Kazakhstan aims to regain citizens’ trust

EPA/MAXIM SHIPENKOV/FILE PICTURE

People wait to exchange their currency at a currency exchange office, Astana, Kazakhstan, 23 August 2015.

There are no prerequisites for devaluation after the presidential elections in Kazakhstan, according to the National Bank.


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NUR-SULTAN, Kazakhstan – The National Bank of Kazakhstan intends to regain the trust of its citizens by carrying out a policy of currency regulation, the head of the National Bank, Yerbolat Dossayev, said on the sidelines of parliament on 22 May.

When asked by journalists about the future of the national currency, the tenge, and rumours on social networks about its devaluation following the 9 June presidential elections, Dossayev said he did not want to make any predictions or promises, adding, “I have no desire to discuss the issues of devaluation. The National Bank will return the trust of (Kazakhstan’s) citizens and businesses by implementing a policy that corresponds to the market conditions. I will leave the discussion about devaluation to the social networks, where everyone has the right to speak.”

He also stressed that the current monetary and exchange rate policy in Kazakhstan is both stable and adequate, with inflation at 4.9% for the first four months of the year. This indicator, according to Dossayev, corresponds to the planned inflation corridor.

Dossayev’s comments came after the deputy head of the National Bank, Oleg Smolyakov, stated that there are no prerequisites for devaluation after the election.

In accordance with the exchange rates set by the National Bank of Kazakhstan, on 22 May, the dollar/tenge exchange rate is equal to $1/378.87 tenge; while the euro/tenge exchange rate stood at €1/422.4 tenge.

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