President: National currency’s devaluation to positively affect Kazakh economy’s growth

President: National currency’s devaluation to positively affect Kazakh economy’s growth

Baku, Azerbaijan, Feb. 12

By Elena Kosolapova - Trend:

The devaluation of national currency will have a positive impact on the further growth of the country's economy, Kazakh President Nursultan Nazarbayev said on Feb. 12.

The president made the remarks at a meeting with Kazakh Prime Minister Serik Akhmetov and National Bank's Chairman Kairat Kelimbetov.

"This is a purely financial measure, aimed at only improving the economic state of our enterprises, each of which employs 10,000-40,000 people. Our economy will receive additional income and in general it will positively impact the economy's further growth," the president said.

Nazarbayev stressed that the decision on Kazakh currency's devaluation should not adversely affect ordinary citizens and it is necessary to prevent artificial raise in prices and curb speculations at the currency exchange points.

"Akims [heads] of all levels should watch over this, and the relevant government authorities should continuously conduct monitoring and take the tightest measures, including the withdrawal of the license of those who speculate on the current economic situation," Nazarbayev said. "Currently it is necessary to take all necessary measures for the national currency corridor to be at the declared level, working for the benefit of our economy".

During the meeting, the National Bank's chairman said that the potential, which was achieved as a result of the devaluation in February 2009, increased the competitiveness of Kazakhstan's economy.

"We achieved good results, but in 2012-2013 this potential was gradually depleted, because the currencies of other developing countries were weakening, as compared to the U.S. dollar. Today, many investors abandon the emerging markets," Kelimbetov said.

The bank's head noted that import in Kazakhstan grows faster than export.

"To avoid such a fast pace of growth in import, we worked on the adjustment of the exchange rate, as the previous corridor at 145-155 tenges per dollar has exhausted itself. Today we believe that a 20 percent change in rates and achievement of targeted 185 tenges per dollar with three tenges more or less is that equilibrium and competitive exchange rate, which is needed in the Kazakh economy in the nearest medium term," he said.

In turn, Kazakh Prime Minister noted that the expert community and the government are aware of a number of uncertainties in the economic situation in 2014, not only in Kazakhstan but also in other countries, including Russia, China and developing states.

"We believe that, given the situation, which is currently developing in the global economy, the devaluation which is conducted by the National Bank is a necessary measure. This will allow improving the macroeconomic indicators of our country's economy in several areas," Akhmetov said.

Translated by E.A.

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