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Kazakhstan's National Bank told reasons of tenge's weakening

14.08.2018, 20:41 2960
Deputy Chairman of the National Bank Oleg Smolyakov told about the situation on Kazakhstan's currency market.

By the end of July, the stock price for a tenge has made up 346.7 tenges per dollar, and has weakened by 4.3% since the beginning of the year. The weakening of the tenge in May-July of the present year is related to, firstly, the strengthening of the dollar against currencies of the developing states and capital outflows from the developing markets against the increase of interest rates held by the Federal Reserve System. The common tendency on the developing markets has also affected on Kazakhstan. The situation on the internal currency market over the last days can be explained by the considerable volatility of currencies of the countries-major trading partners on the background of the geopolitical tension," said Oleg Smolyakov at the session of the Government.

Thus, following the data of the National Bank, on August 13 the rate of the tenge has made up 363.33 tenges per dollar. From the beginning of August, the weakening of the tenge has been 4.8%, and from the beginning of the year - 9.3%.

At the same time, Kazakhstani tenge is not among the most sensitive currencies. The fundamental balance of payments in the first half year, following the preliminary evaluation, is by two times better in terms of the deficiency of the current report, compared to the past year. We can observe the balanced flows following the financial report. In general, it is reflected on that compared to the Russian ruble, that has gone down by 18% from the beginning of the year, teh tenge is quite stable," said Smolyakov.

The National Bank conducts regula monitoring of the situation on the currency market, and is ready to implement intervention if necessary aimed at reducing considerable and destabilizing short-term fluctuations," said the Deputy Chairman of the National Bank.

We note that inflation for January-July 2018 has made up 2.7%, that is lower the indication of the same period of the past year. Annual inflation in July has slowed down to 5.9% compared to 7.1% in the end of the next year.

Source: BNews.kz

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