Home
Kazakhstan currency fall to record lows after the government's decision to float
Since 21.08.2015
Hot coin Kazakhstan "Ting" against the dollar by about 26%, and that after Kazakhstan started to follow the new monetary policy is to float the currency market to determine the exchange rate.
The head of Kazakhstan Nursultan Nazarbayev on Thursday to move to float the currency of the measure is necessary in the current economic conditions experienced by Kazakhstan.
He explained Nazarbayev during a meeting with the participation of major companies heads in the country in Astana that the decision to float the currency was necessary to maintain the country's reserves and prevent the decline in economic growth, Nazarbayev said: "We had three options, including sit and wait for improved conditions which would have cost the country retreat of production and the loss of many jobs and dispel the National Fund reserves what pays the state to collapse. "
He Nazarbayev: "The second option is to reduce Eltingh harmoniously and within the margins specified, but under the conditions of unstable foreign markets, this option is expensive and also dispel the international reserves of the country, so it is most appropriate is to follow the free exchange rate system and the transition to inflation targeting."
In addition, Kazakh Prime Minister Karim Masimov said at the cabinet meeting on Thursday: "The negative changes in the global economy requires a new monetary policy to ensure a balance between economic growth and price stability, and therefore the National Bank and the government decided that from August 20 / August to proceed with the implementation of the policy new cash based on inflation targeting and floating exchange rate. "
According to the head of government, the National Bank reserves the right to intervene in the local currency market in the event of a risk of destabilization of the national financial system stability.
And as the first repercussions, rushed to the population of Kazakhstan commercial banks and exchange offices to buy the dollar which led to a decline in the national currency.
The average selling price Eltingh in commercial banks and exchange offices in Kazakhstan on Thursday Ting 258 per dollar, the highest 60-ting for exchange rate on Tuesday.
The world's economies are suffering from the decline in oil prices by more than half since the summer of 2014 and weak economic growth what impact negatively on the economy of Kazakhstan, where China and Russia is the most important trade partners of Kazakhstan. / Ended 29 n / 10
[You must be registered and logged in to see this link.]
Since 21.08.2015
Hot coin Kazakhstan "Ting" against the dollar by about 26%, and that after Kazakhstan started to follow the new monetary policy is to float the currency market to determine the exchange rate.
The head of Kazakhstan Nursultan Nazarbayev on Thursday to move to float the currency of the measure is necessary in the current economic conditions experienced by Kazakhstan.
He explained Nazarbayev during a meeting with the participation of major companies heads in the country in Astana that the decision to float the currency was necessary to maintain the country's reserves and prevent the decline in economic growth, Nazarbayev said: "We had three options, including sit and wait for improved conditions which would have cost the country retreat of production and the loss of many jobs and dispel the National Fund reserves what pays the state to collapse. "
He Nazarbayev: "The second option is to reduce Eltingh harmoniously and within the margins specified, but under the conditions of unstable foreign markets, this option is expensive and also dispel the international reserves of the country, so it is most appropriate is to follow the free exchange rate system and the transition to inflation targeting."
In addition, Kazakh Prime Minister Karim Masimov said at the cabinet meeting on Thursday: "The negative changes in the global economy requires a new monetary policy to ensure a balance between economic growth and price stability, and therefore the National Bank and the government decided that from August 20 / August to proceed with the implementation of the policy new cash based on inflation targeting and floating exchange rate. "
According to the head of government, the National Bank reserves the right to intervene in the local currency market in the event of a risk of destabilization of the national financial system stability.
And as the first repercussions, rushed to the population of Kazakhstan commercial banks and exchange offices to buy the dollar which led to a decline in the national currency.
The average selling price Eltingh in commercial banks and exchange offices in Kazakhstan on Thursday Ting 258 per dollar, the highest 60-ting for exchange rate on Tuesday.
The world's economies are suffering from the decline in oil prices by more than half since the summer of 2014 and weak economic growth what impact negatively on the economy of Kazakhstan, where China and Russia is the most important trade partners of Kazakhstan. / Ended 29 n / 10
[You must be registered and logged in to see this link.]
