Azerbaijan, Baku, April 1 / Trend E.Ostapenko /
The National Bank of Kazakhstan expects further appreciation of tenge, Bank's Chair Grigoriy Marchenko told Trend on Friday.
"The currency exchange rate depends on many factors and their influence on the ratio of rates depending on the particular situation. The totality of the fundamental factors indicates a high probability of further strengthening of tenge," Marchenko said.
He said the rejection of the exchange rate band in favor of a managed floating exchange rate does not mean that there will be sharp exchange rate fluctuations. The managed floating exchange rate implies intervention in the exchange rate to prevent surges.
"We intend to future continue policies aimed at ensuring the currency stability. Trading band canceled on Feb.28 and no change in the currency market happen," he said.
Currency corridor was at 165-127.5 tenge per U.S. dollar.
The Kazakh national currency has strengthened more than a percent since 2011. The National Bank bought$4.5 billion in the foreign exchange market in January-February to prevent an excessive strengthening of tenge, while for the regulator has acquired $ 2 billion in 2010.