Situation with Kazakh national currency stabilizes, National Bank says

The rate of Kazakh national currency, tenge, has stabilized, said Chairman of the National Bank Daniyar Akishev.

“There are no expectations that tenge rate will fluctuate,” Akishev said at the meeting with Kazakh President on Aug.3, Kazakh presidential press-service reported.

Akishev also said that the inflation range in 2016 is expected to reach 6-8 percent in 2016, as it was projected by the government.

The exchange rate of tenge halved in 6 month after Kazakhstan’s National Bank switched to the floating rate in August 2015.

The exchange rate dropped to the minimum level (383.91 tenge/USD) on Jan.22, after which it began to rise again. The maximum exchange rate since early 2016 was recorded in early May (327.66 tenges per dollar).

In July tenge weakened by 4.2 percent against dollar. The exchange rate hit 354.03 tenges for one US dollar at the Wednesday afternoon trading session at Kazakhstan’s Stock Exchange.

Source: Trend News Agency