▲ Up
07:22 26-11-2015
MAIN АКИpress CA-News
About us On-line subscription
No reason for another devaluation of tenge – expert

Bishkek (AKIpress) - tenge Russian economy has slowed down due to the U.S. and EU sanctions over Ukraine crisis. It is expected now that the country's economy would reduce in size by the end of this year, AzerNews reports.

These sanctions may indirectly impact the economy of Kazakhstan, and the actual effect will be imminent in the country.

Thus, one of the sanctions' effects may be the devaluation of Kazakhstan's national currency tenge.

There were some speculations among Astana's exchangers over purchasing dollar. Long lines appeared in front of exchangers on July 30. In the morning, the rate of dollar amounted to 184.8 tenge. In the evening, the dollar began to be sold at 187 tenge.

However, the dollar's rate amounted to 183.05 tenge at the Kazakhstan Stock Exchange on July 31.

Nevertheless, Kazakh financier Aidan Karibzhanov believes there is no verifiable reason for another devaluation of Kazakhstan's national currency.

“The main external factor is the state of the Russian economy and the sanctions against it. This affects us, but indirectly and with a time lag. It is necessary to be prepared for it. At the moment, however, the impact is rather emotional,” he wrote on his personal Facebook page.

Karibzhanov also added there are no fundamental prerequisites for the devaluation.

“They may exist, but not now. The prices for main export commodities, including oil and metals, have not changed in recent months. The receipt of hard currency remained unchanged,” the expert said.

In February 2014, the Kazakh National Bank decided to devalue its tenge currency by 19% to around 185 per dollar. In February 2009, the National Bank weakened tenge by 25% against dollar as well.

The Bank's Chairman Kairat Kelimbetov also believes there are no reasons for another devaluation of tenge as the oil prices are high, and the country has a margin of safety.

18:24 04.08.2014
17:45 Tajik Interior Ministry detains three suspected drug traffickers17:21 New children library opens in Ulaanbaatar17:17 Kyrgyzstan uses 80% of international Internet traffic, 20% of domestic traffic – expert17:17 New building of school completed in Osh17:14 Bishkek combined heat and power plant to produce 777.5 million kWh of electricity in Q1 201617:09 Buses created by Mongolian engineers put into public use16:56 Russia deploying advanced anti-aircraft missile systems to Syria as Turkey downs Russian jet, killing 1 pilot, 2nd rescued16:49 82 Mongolians investigated under drug charges16:42 Parliament of Kazakhstan approves draft state budget 2016-201816:39 EU urges Uzbekistan to ease restrictions on press and free all imprisoned human rights defenders16:33 Speaker of Mongolian Parliament meets delegation from Buryatia16:21 National Bank of Kyrgyzstan sells $15.42 million to support som rate16:19 Interior Ministry supports proposal to revoke citizenship of those who participate in fighting in Syria16:16 Delegation of Kyrgyzstan attends health cooperation seminar in China15:57 OSCE media freedom representative welcomes new law on access to information in Kazakhstan, but says drawbacks still exist15:37 Kyrgyz citizens participating in international trade fair in India15:34 Dancesport tournament starts tomorrow in Mongolia15:34 World Bank approves $16.11 million for improvement of forest ecosystem management15:17 National Super League starts this week in Mongolia15:02 Number of Kyrgyz migrants in Russia ceases to decline and even increases, number of Tajik, Uzbek migrants decreases
° C
° C
° C
° C
° C
exchange rates

© AKIpress News Agency - 2001-2015. All rights reserved
Republication of any material is prohibited without a written agreement with AKIpress News Agency. Any citation must be accompanied by a hyperlink to www.akipress.com.
Our address:
Moskovskaya str. 189, Bishkek, the Kyrgyz Republic
e-mail: english@akipress.org, akipressenglish@gmail.com;
Tel/Fax: +996(312)90-07-75