Kazakh National Bank: currency drop due to global market situation

Kazakh National Bank: currency drop due to global market situation
15:57 15 Dekabr 2015
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Baku, Azerbaijan, Dec. 15

By Elena Kosolapova – Trend:

The fall of the Kazakh national currency is connected with the situation on the global financial and commodity markets and the demand for foreign currency on Kazakh domestic market, the National Bank of Kazakhstan said Dec.15.

“The national bank participates in the domestic foreign exchange market to smooth the short-term fluctuations of the tenge rate, but at the same time it doesn’t interfere with the fundamental factors that determine the supply and demand ratio for the foreign currency,” the message said.

The decline in oil prices in 2014-2015 led to a significant deterioration in the balance of payments and, consequently, the balance on the domestic foreign exchange market, while falling prices for Brent oil since early December from $44.4 to $37.8 per barrel led to additional pressure on the exchange rate, according to the message.

Kazakh national currency exchange rate fell from 186 tenge per dollar in July to 337.80 tenge per dollar as of today, Dec.15. However, only in the last two days, the tenge rate against the dollar fell by 25.88 tenge.

Over the last two years, tenge lost in price by more than twice. In early 2014, the rate was 154.06 tenge per dollar.

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