BAKU, Azerbaijan, Feb. 2
By Nargiz Sadikhova - Trend:
The share of Kazakhstan’s national currency (tenge) has surged to 19 percent in the overall Kazakhstan-Kyrgyzstan trade, Trend reports citing the ‘Increasing the role of EAEU national currencies in international transactions’ report of the Eurasian Development Bank (EDB).
“A significant share of tenge in trade with Kyrgyzstan should be noted. The role of the national currency of Kazakhstan continues to increase: if in 2013 the share of tenge in mutual trade between Kazakhstan and Kyrgyzstan was 15 percent, then in 2019 it reached 19 percent,” the report said.
The report also noted that the share of tenge in overall trade between Russia and Kazakhstan equaled 5 percent, having increased compared to 2 percent in 2013.
EDB analysts see the potential of the tenge as economic integration deepens within the region.
The share of national currencies of the EAEU in servicing world trade is about 2 percent at the moment, whereas 74 percent of mutual trade within the EAEU is carried out in national currencies.
The value of mutual trade between Kazakhstan and other countries of the Eurasian Economic Union (EAEU) amounted to $17.6 billion over the course from Jan. through Nov. 2020, which is 9.6 percent less compared to the same period of 2019.
Some $4.9 billion of the figure account for export (decrease of 13.3 percent), whereas $12.6 billion accounts for import (decrease of 7.9 percent).
Russia leads by the value of trade turnover with Kazakhstan in the structure of total trade turnover with EAEU countries (92.2 percent in the total share). Some 4.1 percent account for Kyrgyzstan and 3.6 percent account for Belarus.
---
Follow the author on Twitter: @nargiz_sadikh