Tenge has reached the stable point

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The head of the National Bank shared how will be restored trust to the national currency

Tenge reached parity against the Russian ruble. This was announced today at the enlarged session of the Government, chaired by the Head of State, by the Chairman of the National Bank Daniyar Akishev. He pointed out that "equality of exchange rates was achieved through the calculation of the index of the real exchange rate that is adjusted for inflation".

"That is, we have reached a point in which they were at the beginning of 2014 before the fall in oil prices and devaluation of the Russian ruble. The probability of a significant change in rates in the near future is negligible", - said Akishev. However, he stressed that "the most negative scenarios have already been implemented". It is "the fall of the price of oil more than doubled, the ruble has fallen, too". However, according to the forecast, the management of the National Bank is not inclined to dramatize the situation. "In the near future, we believe that the likelihood of a significant deterioration in the external environment is low", - said the chairman of the National Bank.

Commenting on the future of the financial regulator, Daniyar Akishev noted that "they are now focused on reducing our direct intervention in the exchange rate".

"We will not interfere into the fundamental trend that is if oil prices fall below 40 US dollars per barrel, it is likely to be followed by an adjustment of the course, as the Russian ruble is tied to the price of oil and will also devalue. But we will not allow abrupt and destabilizing exchange rate changes in the direction of weakening, and towards strengthening", - assured Akishev D.A..

The chairman of the National Bank also explained to what could lead actions of currency speculators, who make profit on exchange rate fluctuations. "Moreover, in the current environment to get speculative profit from exchange transactions is doubtful, as you can lose. The attractiveness of tenge instruments, in terms of profitability, now is higher than keeping money in foreign currency", - he said.

Next Daniyar Akishev informed on the measures which, according to the instructions of the Head of State, should be taken to restore trust to tenge. "I think the first thing we need to start with is to restore the credibility of the National Bank", - said Akishev.

In this regard, the leadership of the National Bank has promised to change the information policy and more actively to explain to citizens of Kazakhstan, which causes the formation of putting pressure on the exchange rate of KZT to foreign currencies. "I, my deputies will always be present in the media", - assured Akishev.

Zhanar Serdalina