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Experts’ forecast about upcoming devaluation of national currency in Kazakhstan groundless

Business Materials 22 October 2014 16:56 (UTC +04:00)
The experts’ forecasts concerning another devaluation of the national currency of Kazakhstan are groundless, the head of the National Bank of Kazakhstan Kairat Kelimbetov told reporters Oct. 21.
Experts’ forecast about upcoming devaluation of national currency in Kazakhstan groundless

Astana, Kazakhstan, Oct. 22

By Daniyar Mukhtarov - Trend:

The experts' forecasts concerning another devaluation of the national currency of Kazakhstan are groundless, the head of the National Bank of Kazakhstan Kairat Kelimbetov told reporters Oct. 21.

He said that such comments are artificial stir of devaluation expectations.

"The talks about devaluation are an area of each expert's responsibility," he said. "But there is no cause for concern. As I said earlier, we reached adequate solidity in February by taking the decision to adjust the tenge rate varying 170 - 188."

He said that it is necessary to focus on the level of the country's foreign exchange reserves.

"We will increase foreign exchange reserves by 13 percent from the beginning of the year," Kelimbetov said.

"At present, foreign exchange reserves of the National Bank are $28 billion, while the reserves of the National Fund are $76 billion," he said.

"On the whole, taking into account the foreign exchange reserves of the National Fund, we have $104 billion," he said. "This is two times more than it was in 2008. This allows us to experience any crisis quietly and to pursue an active economic policy. We can use the funds of the National Fund for all state programs."

Before trusting the experts, he urged monitoring their activity and observing whether their previous forecasts coincide with reality.

edited by CN

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