The National Bank of Kazakhstan informed on the foreign exchange market situation, the financial regulator's press service reports.
At the meeting with financial experts, Aliya Moldabekova, Director of the National Bank's Monetary Operations Department, assured that the current situation in the foreign exchange market is stable.
The fundamental drivers for exchange rate formation - the prices for oil and the Russian ruble exchange rate - are quite favorable. For instance, the Brent crude oil price per barrel is around $65, the ruble exchange rate against the US dollar rebounded amid the easing of the Fed's rhetoric regarding expectations of a rate hike. Since the last decision on the base interest rate, the tenge exchange rate against the US dollar has fluctuated in the range between KZT 373.56 and KZT 382.74," Ms. Moldabekova commented.
She highlighted that the money market situation was characterized by a structural liquidity surplus.
On 18th February 2019, we adopted a deposit auction as a tool for open market operations. At the same time, the issuance of short-term notes with a maturity of 7 days was discontinued," Aliya Moldabekova clarified.
It is to be recalled that the National Bank of Kazakhstan regularly holds meetings with experts in the furtherance of its policy of active communications with the market and the public.
Source: Kazinform News Agency
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