No ground for Kazakh currency devaluation

Photo: No ground for Kazakh currency devaluation / Kazakhstan

Azerbaijan, Baku, July 26 / Trend E. Kosolapova/

There is not any ground for devaluation of Kazakh currency tenge, Kazakh President Nursultan Nazarbayev believes, the presidential press-service reported.

The President made this statement at the meeting with the Chairman of Kazakh National Bank Grigory Marchenko on Friday.

"Owing to the volume of gold and foreign exchange reserves, as well as the pace of national economy development, there is no reason for the national currency devaluation," the president said.

During the meeting Marchenko informed the President on the main macroeconomic indicators and the situation in foreign exchange market.

In particular, National Bank's head said all segments of the financial market are steadily growing and the inflation rate hit 5.9 percent from July 2012 to July 2013 which is lower than the forecasted 6 - 8 percent.

During the meeting the President gave a number of instructions to ensure the stability of the financial system and maintain the pace of the economic development.

Earlier Kazakh National Bank said that it plans to issue 20,000 tenge banknotes for the 20th anniversary of the national currency (November 15). Currently, the largest denomination banknote in Kazakhstan is 10,000 tenge. Some experts believe the issuance of a new banknote is caused by devaluation of the national currency.

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