Kazakhstan not to allow sharp devaluation of national currency - National Bank
Astana, Kazakhstan, Feb.12
By Daniyar Mukhtarov - Trend:
Kazakhstan will not allow sharp devaluation (of the national currency), the head of the National Bank of Kazakhstan Kairat Kelimbetov said Feb.12 at a briefing in Astana.
"The National Bank intends to avoid sharp fluctuations of KZT exchange rate in 2015," he said.
"There is an appropriate reserve of safety for that - our gold-exchange reserves and the National Fund."
Kelimbetov said that the National Bank of Kazakhstan continues policy of the current exchange rate corridor during the current macroeconomic conditions.
"If there are changes on external capital markets we will not allow the sharp devaluation, and will work within the framework of the smooth and flexible changing of exchange rate," said the head of the National Bank.
He went on to add that de-dollarization of economy is an important task.
"Currently, we are completing the work and intend to approve the joint action plan on de-dollarization of economy at the beginning of next week," said Kelimbetov.
He also said that it is planned that all calculations will be carried out non-cash when buying property or vehicle within the measures to abandon the dollar as the standard unit.
It was previously reported that the government and the National Bank of Kazakhstan were to prepare a package of measures for de-dollarization of economy in early 2015. The possibility of increasing the size of the guaranteed volume of KZT deposits in commercial banks by twice - up to 10 million KZT was considered as one of the measures for de-dollarization. In addition, it was said about the intention to introduce a ban on the pricing of goods and services in the country in standard units.
The official exchange rate for February 12 is 185.05 KZT / $1.
Edited by CN