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Kazakh major natural resources producers do not expect devaluation

Business Materials 4 August 2016 16:04 (UTC +04:00)
Liabilities of Kazakh major natural resources companies in foreign currencies exceeded their assets in foreign currency by 11 percent in late March 2016. It means that they do not expect sharp devaluation of the national currency, tenge

Baku, Azerbaijan, Aug.4

By Elena Kosolapova- Trend:

Liabilities of Kazakh major natural resources companies in foreign currencies exceeded their assets in foreign currency by 11 percent in late March 2016. It means that they do not expect sharp devaluation of the national currency, tenge, Finprom.kz analytical center said in its report published on Aug. 4.

The total volume of assets of large and medium-sized natural resources enterprises in foreign currency reached 2.6 trillion tenge (354 tenge = $1) at the end of March 2016, while the amount of liabilities in foreign currency reached 2.9 trillion tenge.

Just 17 percent of the assets in the industry is denominated in foreign currency.

Enterprises’ short-term liabilities in foreign currency reached 1 trillion tenge at the end of March of 2016, while the volume of their assets in foreign currency was at about 2 trillion tenge.

The amount of long-term assets in foreign currency amounted to about 607 billion tenge in late March. Liabilities of major natural resources producers exceeded their long-term assets by 1.3 trillion tenge at the end of March.

Edited by SI

Follow the author on Twitter: @E_Kosolapova

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