Astana, Kazakhstan, Feb. 12
By Daniyar Mukhtarov - Trend:
Kazakhstan may resort to the gradual devaluation of the national currency , the tenge, if the average oil price is less than $ 50 per barrel, the head of the National Bank of Kazakhstan Kairat Kelimbetov said at a briefing in Astana Feb. 12.
He said that the exchange rate may smoothly change by expanding the exchange corridor.
"But all this is theoretical, if the oil prices reduce to less than $50 per barrel," he said.
"At present, there are no macro-economic prerequisites for the depreciation of the tenge rate versus $1," he said.
On February 11, 2014, the National Bank of Kazakhstan devalued the tenge by 19 percent and set a corridor of the fluctuations of the national currency versus the US dollar at a level of 185 tenge per $1 plus or minus three tenge. Meanwhile, the National Bank expanded the corridor to 170-188 tenge per dollar in September 2014.
The official exchange rate is 185.05 tenge/1$ Feb. 12.
Edited by CN