27.01.2017, 16:26 3500

NBK says tenge to strengthen

Tenge rate is formed by players of the financial market without the involvement of the financial controller, National Bank of Kazakhstan reports.

Astana. 27 January. Kazakhstan Today - Tenge rate is formed by players of the financial market without the involvement of the financial controller, National Bank of Kazakhstan reports.

"Now the rate is changing fast enough in response to shocks. It may seem weakens easily and strengthens hard. It seems that oil prices are rising and tenge strengthens. The last few months we do not intervene. Our participation is zero", said Director of the Research and Statistics Department of the NBK Vitaly Tutushkin.

In his opinion, it is the behavior of financial players in the market that does not allow the national currency to strengthen against the US dollar.

"You might think, why don't we follow the Russian ruble in the ratio of 1 to 5? Again I want to say it is not the National Bank policy but the behavior of financial market participants (...) All these factors indicate that a strengthening trend is possible, there are no preconditions for tenge weakening" said the banker.

News Agency Kazinform

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