Kazakh National Bank stops interventions in exchange market

Kazakhstan Materials 20 December 2016 20:28 (UTC +04:00)

Baku, Azerbaijan, Dec. 20

By Elena Kosolapova – Trend:

Kazakhstan’s National Bank has not carried out any intervention in the currency exchange market for about three months, the head of the bank Daniyar Akishev said at a government meeting on Dec. 20, the National Bank reported.

Akishev noted that currently tenge rate is influenced just by fundamental factors, adding that these factors are quite positive now.

“Free floating tenge rate policy allowed starting a gradual recovery of the bank’s reserves," Akishev said.

The National Bank’s gold and foreign currency reserves increased by $2 billion since the beginning of 2016 and hit $29.8 billion as of late November, he said.