Kazakh National Bank explains reasons for strengthening of tenge
Baku, Azerbaijan, Feb. 12
By Rashid Shirinov – Trend:
Strengthening of the exchange rate of Kazakh tenge against the US dollar is taking place amid favorable conditions in the oil market and strengthening of the Russian ruble, said Chairman of the National Bank of Kazakhstan Daniyar Akishev, Trend reports via Kazakh media.
As of February 12, the exchange rate is 375.53 tenge per US dollar: a 2.3-percent growth since the beginning of the year.
Akishev said that the National Bank will continue to adhere to the free floating exchange rate regime.
"The volume of net interventions of the National Bank in the foreign exchange market in January 2019 was at zero. Gold and foreign exchange reserves of the National Bank at the end of January, according to preliminary data, amounted to $30.6 billion, and assets of Kazakhstan National Fund – to $58.2 billion. Total international reserves amounted to $88.8 billion," the National Bank chairman said.
He also added that the situation in the financial market of Kazakhstan is gradually improving.
"The assets of banks in 2018 increased by 4.5 percent to 25.2 trillion tenge. Loans with arrears of more than 90 days accounted for 7.4 percent of the loan portfolio. A year ago, the figure was 9.3 percent," Akishev said.
At the same time, the assets of insurance companies increased by 13.3 percent to 1 trillion tenge. Insurance reserves increased by 12.8 percent to 520 billion tenge.
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