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Reason for weakening of tenge is geopolitical tension - Kazakhstan's National Bank

13.08.2018, 20:37 2983
The weakenening of the tenge, according to the experts from the National Bank, is gone on the background of the overall weakening of currencies of the developing countries.

The main reasons of the weakening of currencies of the developing countries is geopoilitical tension, as well as a protectionist and sanctions policy of the USA regarding a number of developing countries (Russia, China, Turkish) which leads to the worsening of dimplomatic relations," they said in the financial regulator.

It is noted that the common strengthening of the US dollar on the world markets is also observed as a result of the expectations about the increase of interest rates of the US Federal Reserve System on the background of possitive tendencies in the economy. Such factors jointly have formed a trend of capital inflows from developing countries to developed ones.

At the moment, a mechanism of exchange rate formation is gone under the influence of fundamental factors. The National Bank holds regular monitoring over the cuurency market, and is ready to carry out intervention if necesssary aimed at reducing considerable and destabilizing short-term fluctuations of the tenge," they said in the National Bank of Kazakhstan.

Source: BNews.kz

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