Situation on currency market stabilized - Akishev

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ASTANA. KAZINFORM The situation on the currency market is now objectively stabilized, said today Chairman of the National Bank of Kazakhstan Daniyar Akishev discussing the results of a recent meeting of the Technical Committee on monetary policy under the NBK, Kazinform correspondent reports.

According to Akishev, tenge rate changed significantly only in the beginning of 2016. Its fluctuations were caused by the drop of oil prices, especially in January 2016. There were no significant fluctuations in the tenge rate after that. In reality in 2016 tenge appreciated 2 per cent against the dollar.

Mr Akishev also noted that National Bank reduced its intervention in the currency market to a minimum - $2.9 billion US in the form of foreign currency purchases with its main part spent in the first months of the year.

"National Bank's involvement was insignificant during the summer months, and since September it is zero. However, even at the beginning of 2016 our presence on the market was associated with an excess of foreign currency as a result of the overflow of deposits and other savings from foreign into national currency", he added.

The Technical Committee is a collegial body of NBK, not falling within its organizational structure. Its primary function is to define coherent, operational activities of the National Bank in terms of monetary policy. It develops actions of the National Bank on the financial markets in the coming period, determines interest rates on the main operations of monetary policy.

 

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