/REUTERS, Astana, Raushan Nurshayeva, January 26, 04/ - Kazakhstan parliament agreed with appointment of Anvar Saidenov as the new chairman of the National Bank of Kazakhstan instead of Grigory Marchenko, who in the beginning of January filled the post of the first vice-premier in the government.

Before Saidenov worked as deputy of Marchenko, who said at the joint conference of both chambers of the parliament on Monday that he himself proposed Saidenov's candidature, and characterized him as "absolutely honest, professional and equidistant man".

Saidenov, in his turn, promised succession in monetary-credit policy and confirmed aims, which had been stated when Marchenko was the head: inflation control, smoothing of fluctuations of floating exchange rate and full currency liberalization in 2007.

"Provision for low inflation level will be the major aim in the sphere of monetary- credit policy that will let gradually decrease the official refinancing rate to 5.5% by 2006 ", - said Saidenov to deputies.

Sine July of 2003 the rate is 7.0% APR, and Marchenko did not exclude its increase already in the beginning of 2004 because of speeding-up of inflation lately.

Among instruments of monetary-credit policy Saidenov called transactions at the open market, promissory notes rediscount, short-term credits to banks and deposits. He confirmed adherence to floating rate of tenge.

"In order to support price competition of Kazakhstan goods at foreign markets National Bank intends to preserve the existing mode of floating exchange rate of tenge. National Bank will not set the guiding line of tenge's exchange rate and will interfere with its formation if it's necessary to avert speculative jumps of exchange rate", - said Saidenov.

Last year rate of tenge first in its history strengthened relative to US dollar - by 8% in nominal expression. In January it went on growing to many-year maximums on the background of falling of dollar relative to euro, strengthening of rouble and the significant inflow of currency proceeds from companies of raw stuff sector, which is the main sector of the country.

Saidenov said National Bank was not inclined to dramatize the situation.

"We thinks that change of the rate since the beginning of this year, which has occurred, is not such the abrupt fluctuation, though, the tendency is really one- sided: National Bank during this period - 2.5 weeks - was buying dollars. We think, we will keep to the same policy".

[2004-01-26]