National Bank: Tenge 4% firm since start of 2018
Daniyar Akishev told about the main economic indexes as of the current date.
"From the beginning of the year Tenge has become firm by 4%. Demand for tenge in January increased. New loans in second level banks during January amounted to KZT 830 billion. Interest rate is 14.7%. Deposit dollarization is 45.4% (including 51% individuals' deposits)," Daniyar Akishev said.
According to the National Bank Chairman, since the beginning of the year inflation has slowed down.
"Inflation rate equals 6.8% on a year-to-year basis and corresponds to the preplanned 5-7% corridor. Gold and foreign currency reserves in January grew by 3.2% and equaled USD 31,7 billion. The National Bank assets amounted to USD 58,3 billion.
"We observe excess tenge liquidity. It is regulated through short term notes of the National Bank and today they amount to KZT 4 trillion. Instrument revenues are declining," said Daniyar Akishev.
Whilst in the end of 2017 the maximum rate per the notes was 9.43%, in February 2018 it has equaled 9.02%.
The ENPF savings (Unified Accumulative Pension Fund) as of February 1, 2018 amounted to KZT 7,8 trillion - 0.4% growth since the start of the year.