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Yet the situation regarding the Kazakh tenge still remains uncertain

Написано 6 Октябрь, 2017 в категории Economy

Forbes.kz, in a report by Ardak Bukeyeva and Aidyn Shagiyev entitled “Почему падает тенге, когда растет в цене нефть?” – “Why tenge is going down when oil prices are going up?”, said: “Dollar is going up against tenge by + 7% per quarter, despite a 20% rise in oil prices. Is it possible to say that tenge ceases to be a commodity currency, and Kazakhstan, a commodity economy?”.

Sources: Zonakz.net – Forbes.kz

In 2015 the Kazakhstani local currency, tenge, plunged by two-thirds. Now, two years later, the depreciation tendency seems to be gaining renewed momentum. Ten days ago, Kazakh central bank chairman Daniyar Akishev told reporters that the Kazakh tenge may strengthen on favorable external conditions. A comment like that seemed to be aimed at retail foreign currency buyers who doubled dollar purchases in August, according to official statistics.
“The current situation with external factors is quite promising. You know that energy prices are rising, which means that most likely the inflow of foreign currency revenue into the country will increase. It is moreover likely that it (tenge) may strengthen and those people who are buying foreign currency now will incur losses”, Akishev said. But so far the opposite would seem to be true. However, Kazakhstan’s economy is now growing again — more than 4 per cent during the first six months of 2017. Yet the situation regarding the Kazakh tenge still remains uncertain.

Danish AZIM


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