To prevent the rapid strengthening exchange rate of tenge to the dollar National Bank of Kazakhstan was forced to buy at KASE about $ 2 billion over the last six trading days
/IRBIS, November 18, 09/ - To prevent the rapid strengthening exchange rate of tenge to the dollar National Bank of Kazakhstan was forced to buy on the Kazakhstan Stock Exchange (KASE) about $ 2 billion over the last six trading days, "said Chairman of the National Bank of Kazakhstan Grigoriy Marchenko at the time he -line conference on BNews.kz.
The last six days on the stock exchange dollar falls on tenge. On Monday last week's rate was 150.9 and today morning session closed at 149.12 and the average rate of KTZ 149.14. That is tenge strengthened over the past few days, more than 1%. In this case, we as the National Bank had to buy about $ 2 bn. in order to prevent a more rapid strengthening of tenge, - said G. Marchenko. Thus G. Marchenko said that "in general we are talking about since August that the tenge has strengthened, as this predisposes the current high commodity prices, a weakening U.S. dollar and the improvement in balance of payments in Kazakhstan.
According to him, the recent change of course occurred after the press conference of the National Bank of Kazakhstan, where it was stated that the rate of tenge should be strengthened. The movement began on Thursday afternoon last week, which we have almost no one noticed until Monday, and since Monday have already joined Western financial institutions.
The head of the central bank also noted that the rate of the tenge will be controlled in predetermined corridors and will not fall to KTZ 140 per U.S. dollar.
The corridor - it is the corridor in both directions. So, for all these conversations on the subject, that suddenly the day after tomorrow will be 140 - it's not true. 140 will not, and will be a maximum of KTZ 145 to the dollar. We do not consider it necessary to make any sudden movements or stop strengthening tenge. If the exchange rate will be at KTZ 147.5-148, we believe that there is no damage to our economy will not be. After this level we will allow the rate to move much more slowly and to 145 in particular and we will not allow - G. Marchenko said.
[2009-11-18]