Kazakhstan ensures stability in foreign exchange market

Kazakhstan ensures stability in foreign exchange market

Baku, Azerbaijan, Nov. 9

By Nigar Guliyeva – Trend:

A stable situation has been achieved in the foreign exchange market of Kazakhstan thanks to favorable external conditions and measures of the National Bank aimed at smoothing short-term fluctuations, said Oleg Smolyakov, the deputy chairman of the National Bank of Kazakhstan.

Smolyakov made the remarks at a meeting of the Senate of the Parliament of Kazakhstan, the National Bank said in a message on Nov. 9.

"The exchange rate as of November 8 was 333.76 tenge per USD, while the National Bank will continue to adhere to the inflation targeting policy while maintaining the free floating exchange rate of tenge .The main objective in the activity of the National Bank is to ensure price stability and maintain annual inflation within the framework of the established target range," Smolyakov said.

He added that inflation for the ten months of 2017 was 5.4 percent. In October, in annual terms, inflation was at 7.7 percent, remaining within the corridor set for 2017, which is 6-8 percent.

Smolyakov said that the international reserves of the National Bank for 9 months of 2017 increased by 9.1 percent, amounting to $32.2 billion.

The currency assets of the National Fund are at the level of $57.1 billion, and the total amount of the country's reserves stood at $89.3 billion, accounting for 60 percent of GDP.

"In the deposit market, there is a decrease in the share of deposits in foreign currency from 55 percent in early 2017 to 49 percent at the current time," he said, adding that stability in the currency market and lower inflation will further stimulate savings in tenge.

"Growth in the volume of bank loans in the economy since the beginning of the year amounted to 13.2 trillion tenge. The volume of loans in national currency increased by 11 percent, or up to 9.5 trillion tenge. The weighted average interest rate on loans in September decreased to 14 percent," Smolyakov said.

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