▲ Up
 
14:20 27-08-2016
MAIN АКИpress CA-News
About us On-line subscription
KazakhstanKyrgyzstanMongoliaTajikistanTurkmenistanUzbekistanWorld
POLITICSBUSINESSINCIDENTSSOCIETYCULTURESPORTANALYSISSCIENCE
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.


Twitterfacebookprint
18:24 04.08.2014
LATEST NEWS
17:05 Somalia beach restaurant attack kills at least 1016:34 Uzbekistan may release 4 detained Kyrgyz citizens today16:31 OSCE supports workshop on best practices in border surveillance for Kazakh, Kyrgyz and Tajik border officials16:26 Situation with detained 4 citizens of Kyrgyzstan by Uzbek police under control of country's leadership – Vice PM16:02 Diplomatic consultations on release of Kyrgyz citizens detained by Uzbek police in progress15:56 4 citizens of Kyrgyzstan still held in police department in Uzbekistan15:40 Kyrgyzstan's trade with EAEU countries down by 28.9% in H115:31 80% of tickets for Second World Nomad Games' opening, closing sold15:30 Islamic Development Bank preparing country strategy for Kyrgyzstan: Ministry of Economy15:15 Upstream projects, downstream disposals drive Kazakhstan oil and gas sector: Fitch15:00 Kazakhstan, Japan discuss transport, logistics and tourism cooperation14:49 President Atambayev's younger daughter releases clothing line14:30 Agriculture Ministry denies ban on honey export by Kyrgyzstan to China14:25 Turkmenistan awaiting decision on land in Issyk-Kul for construction of 5-star hotel14:16 It is possible to build 93 hydropower plants in Kyrgyzstan: HPS executive director13:51 President Atambayev emphasizes importance of Kyrgyz-Chinese projects in Kyrgyzstan13:36 France's highest administrative court to decide on burkini ban on beaches13:27 Bomb kills 8 riot police in south-east Turkey13:26 Bishkek-Manas airport road open after reconstruction: Ministry of Transport12:54 Kyrgyzstan's radio relay station in disputed Kyrgyz-Uzbek border area functions normally, Telecommunications Agency says
Astana
+30° C
Ashgabat
+35° C
Bishkek
+32° C
Dushanbe
+29° C
Tashkent
+34° C
Ulaanbaatar
+19° C
exchange rates
 
77.65
68.79
10.28
1.06
382.46
338.73
50.79
5.23
6.85
6.26
1.01
0.12
3286.53
2888.39
446.81
42.81
3.95
3.50
0.52
0.05

© AKIpress News Agency - 2001-2016. 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 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