Kazakh National Bank to continue floating exchange rate policy
Baku, Azerbaijan, Oct. 17
By Rashid Shirinov – Trend:
The National Bank of Kazakhstan will continue to pursue a floating exchange rate policy without setting boundaries, corridor or other benchmarks, Chairman of the National Bank Daniyar Akishev said while presenting changes to the budget for 2018-2020 in the parliament, according to Kazakh media.
He noted that in the foreign exchange market, the tenge rate weakened by 10.4 percent to 366.86 tenge per US dollar since the beginning of the year to Oct. 16.
"The weakening of the tenge was caused by external factors. First, it is the strengthening of the US dollar against the currencies of developing countries. The second factor is the announcement of the future tightening of anti-Russian sanctions," Akishev explained.
He added that the gold and foreign exchange reserves of the National Bank amounted to $30 billion at the end of September according to preliminary data, the assets of Kazakhstan National Fund totaled $56.3 billion, and total international reserves stood at $86.4 billion.