Kazakh National Bank talks currency market situation

Finance Materials 7 March 2019 12:03 (UTC +04:00)

Baku, Azerbaijan, Mar. 7

By Rashid Shirinov – Trend:

Presently, the situation in the currency market of Kazakhstan is stable, said Aliya Moldabekova, Director of the Monetary Operations Department of the National Bank, at a meeting with financial experts, Trend reports via Kazakh media.

"The fundamental drivers of exchange rate formation – oil prices and the Russian ruble rate – are quite favorable. The per barrel price of Brent crude oil is about $65, and the exchange rate of the ruble against the US dollar showed a recovery amid Federal Reserve System’s softening of rhetoric regarding expectations of a rate hike," she said.

Moldabekova noted that the situation in the money market was characterized by a structural liquidity surplus.

"The open position on monetary policy operations has increased, amounting to about 4 trillion tenge. On February 18, 2019, a deposit auction was introduced as a tool for open market operations. At the same time, the issue of short-term notes with the maturity of 7 days was stopped," the department director added.


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