High oil prices provide additional support to tenge rate
Kazakhstan's tenge remains a hard currency suitable for investments. According to analysts, significant perturbations are not expected on the currency market in the near future.
Almaty. December 4. Kazakhstan Today - Perturbations are not expected on the currency market in near future. The tenge national currency exchange rate against the dollar fluctuates smoothly in the range set by the National Bank of Kazakhstan. Quite high oil prices provide additional support to the tenge rate.
According to Caspionet, Kazakhstan's tenge remains a hard currency suitable for investments. According to analysts, significant perturbations are not expected on the currency market in the near future. The tenge national currency exchange rate against the dollar fluctuates smoothly in the range set by the National Bank. Quite high oil prices provide additional support to the tenge rate. A sufficient amount of US dollars in Kazakhstan's economy is another factor leading to the stability of the national currency. The tenge exchange rate against the dollar depends on the situation on foreign markets of Eurozone.
"In general a number of important measures were taken and we think that the euro exchange rate against the tenge will strengthen. In fact it has strengthened not only against tenge but the dollar as well, over a few months," said Nurlan Rakhimbayev, Director of Assyl Invest JSC Analytical Centre.
Metals remain another reliable investment instrument. Now gold prices fluctuate in the range of 1700 - 1725 US dollars per troy ounce on the London spot market. Approximately the same prices are in New York. The Bloomberg Agency reports that gold prices rise due to positive statistics from the USA and investors' hopes for the prevention of crisis in 2013. Another factor is a high demand for gold from the major emerging economies, in particular China and India.
"Recently, there has been a high demand from major players. The reason for it is money printing by the Federal Reserve System, so the dollar will weaken in the long-term and medium-term perspectives, while gold has always been a hedge against the weakening dollar. If the dollar exchange rate reduces, the price of gold rises," said Nurlan Rakhimbayev.
The largest international analytical companies are confident that in 2013 gold prices will continue to grow breaking down new barriers. According to Reuters, gold prices will exceed 1,800 US dollars, and Deutsche Bank experts forecast that the price of an ounce can reach 2,000 dollars. Kazakhstan analysts hold positive expectations too.
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