Head of National Bank: We will stop using up our reserves

ASTANA. KAZINFORM - Chairman of the National Bank Daniyar Akishev declared that Kazakhstan will stop using up its forex reserves. 

Akishev assured the session of the Government on Friday that after transitioning to free-floating tenge rate and adapting economic entities to the new conditions, the tenge exchange rate stabilized.

In his words, it fits with the objective factors and ensures competitiveness of producers.

"The National Bank hasn't interfered into foreign exchange market since September 2016. This policy allowed us to preserve the national gold and foreign currency reserves. As of late January 2017 Kazakhstan's forex reserves, including the National Fund's assets, has totaled $92 billion. For example, in 2015 it amounted to $91,3 billion. Basically, it means that we will stop using up our gold and foreign currency reserves," Akishev noted.