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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.

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