Kazakhstan to prevent excessive appreciation of goods

Photo: Kazakhstan to prevent excessive appreciation of goods
 / Finance

Astana, Kazakhstan, Feb. 11

By Daniar Mukhtarov - Trend:

The Kazakh government will take measures to prevent the strong appreciation of socially important goods and food products, Kazakh Minister of Economy and Budget Planning, Erbolat Dossaev said on Feb. 11.

He made the remarks speaking at a briefing held in Astana at the Central Communications Service under the Kazakh President.

"From this day on, the government will start to work to keep the prices and prevent a strong appreciation of socially important goods and food products," he said.

The minister recalled that there are 35 positions on the essential goods and products.

"We hope there will not be a great speculation with prices of essential goods and products," Dossaev said.

He stressed that the social commitments, previously undertaken by the state, will be performed.

The Kazakh National Bank decided to stop maintaining the exchange rate of the national currency tenge at a previous level, to reduce the volume of foreign exchange interventions and to reduce interference with the process of formation of the tenge exchange rate, the bank said on Feb. 11.

"The National Bank expects that the new level of the exchange rate will be about 185 tenge per dollar," the bank said.

The official rate of the National Bank was at 155.5 tenge per dollar on February 11.

Translated by E.A.

Edited by C.N.

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