Chief banker: NB minimizes its intervention in FX market

ALMATY. KAZINFORM The intervention of the National Bank in the FX market remains at a minimum level, chief banker of Kazakhstan Daniyar Akishev said in an interview with RBC TV Channel.

“I know the IMF’s position. Now they admit that there is a free floating rate in Kazakhstan. Nevertheless, the National Bank intervenes in the market to smooth the fluctuations. Since 2016, we have been publishing the amount of our intervention,” said Daniyar Akishev.

According to him, these publications prove that the share of the National Bank’s involvement into the currency trading is being minimized.

“The share of our involvement in the FX market made sometimes 2% and 10% in some months. In our opinion, this indicator is at a minimum level. This is a big step forward compared to devaluation expectations of years 2014-2015, when the NB played a key role in them,” added he.

Akishev noted that when there is no supply and demand in such a “narrow” market, the rates may fluctuate significantly.