Kazakh finance minister urges citizens to keep money in multi-currency baskets

Photo: Kazakh finance minister urges citizens to keep money in multi-currency baskets
 / Business News

Astana, Kazakhstan, Feb. 11

By Daniar Mukhtarov - Trend:

Everyone always has to wait for inflation, Deputy Prime Minister-Minister of Finance, Bakhyt Sultanov believes.

"Every owner of savings should always wait for processes such as national currency's devaluation. Therefore it is necessary to have a multi-currency basket with a predominance of the currency which you spend more," Sultanov said on Feb. 11 whilst speaking at a briefing at the Central Communications Service under the Kazakh President.

The minister said Kazakhstan's economy cannot be isolated and closed off from the processes occurring in the global economy.

On Feb. 11, the Kazakh National Bank decided to stop maintaining the exchange rate of the national currency tenge at its 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 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 Feb. 11.

Translated by E.A.

Edited by C.N.

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