National Bank should prevent inflation growth, Nazarbayev says

ASTANA – President Nursultan Nazarbayev during an Aug. 14 meeting with National Bank Chairman Daniyar Akishev noted that the country’s free floating national currency exchange rate is working and instructed the nation’s chief bank to continue inflation prevention measures, according to

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“All this plays a very important role – both the currency rate and everything else. How to improve the financial system, pension funds,” Nazarbayev said.

Akishev briefed the President on the status of the currency and financial markets.

“The situation in the foreign exchange market was quite stable, except for the first week of August, when there were changes in the tenge exchange rate against the U.S. dollar, depending on external factors, primarily the exchange rate of ruble against the U.S. dollar. The fact that the sanctions the U.S. plans to implement against Russia can have an effect, including on Russia’s neighbours, is also a negative background in the external financial markets. Analysing the situation, we believe that sanctions will not have a negative impact on Kazakhstan. Accordingly, the impact on the exchange rate will be minimal. The President gave a number of specific instructions to ensure stability in the exchange market and the need to give clear explanations,” Akishev said after the meeting.

In the first week of August, the tenge rate has changed in the corridor of 320-340 tenge per dollar. Over the last two weeks the rate has lowered the fluctuations and fixed at about 332-334 tenge per dollar.

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