No reason for another devaluation of Kazakh tenge

Astana, Kazakhstan, June 2 By Daniar Mukhtarov - Trend: There are no reasons for another devaluation of Kazakh tenge, according to the chairman of Kazakhstan's National Bank, Kairat Kelimbetov. Speaking to reporters on June 2, Kelimbetov said that no devaluation of tenge is being expected. "There are no grounds for this, the oil prices are high. Besides, the country has a margin of safety," Kelimbetov added. He said that in 2012, the gold and currency reserves of the Kazakh National Bank stood at $28 billion, while by late 2013 they dropped to $24 billion, and today they again amount to $28 billion. "Aside from that, the country's gross international reserves (GIR) plus the national fund amounts to $103 billion. We have an inflation of 4.5 percent, and 6.9 percent - year on year, that is, it stands within the announced range of six percent to eight percent," Kelimbetov added. Touching upon the Russian ruble's impact on tenge, Kelimbetov explained that today, on the contrary, the Russian ruble is strengthening. "In January, the Russian ruble fell to 36 per $1, and now it has strengthened at 34 per $1. And even if there are fluctuations in its exchange rate, this will not frighten us, as we have a good margin of safety," Kelimbetov stressed. He went on to add that the next wave of devaluation of the national currency is nothing but rumors. Kelimbetov also said that in February this year, Kazakhstan carried out corrections in the national currency. "At that time we said the rate will be 185 tenges plus - minus three tenges, and the tenge's rate had been fluctuating within the set range till May 1... And it can fluctuate up to 188 tenges," he explained. It was previously reported that last week dollar's rate suddenly rose in Almaty (Kazakhstan's largest megalopolis) from 182 tenges to 185 tenges. This gave rise to rumors that possibly there will be a second wave of devaluation in Kazakhstan. Some experts do not rule out the likelihood of a depreciation of tenge in the near future due to the sanctions of the West against Russia and a possible de-dollarization in the neighboring countries. Follow us on Twitter @TRENDNewsAgency