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National Bank forecasts no currency fluctuations by mid-year

Astana, May 14, 2008

Interfax-Kazakhstan - National Bank chairman Anvar Saidenov does not foresee dramatic fluctuations on Kazakhstan’s currency market.

"By the middle of the year, or by the end of June the currency exchange rate will be relatively stable,” he said at a press conference on Wednesday in Almaty.

"The stability entails slight shifts in any direction: insignificant strengthening or wreaking of dollar against tenge is possible. The National Bank’s policy is not to set the trend, but follow it without allowing any sharp fluctuation in one day,” Saidenov said.

He added that the National Bank has enough resources “at its deposal not to allow any dramatic fluctuations."

National Bank is setting the target to replenish the gold currency reserves, which dropped in the latter half of last year.

According to Saidenov, from the beginning of the year the National bank purchased over $3 bl.

He also noted that the continuing growth of the world energy carriers brought certain benefits to “the Kazakhstan exporters and Kazakhstan’s trade balance.”

"According to preliminary estimates for the first quarter, our trade balance has increased significantly, since export outstripped imports,” he said.

The current account of the balance of payments recorded a USD $4 bl surplus.

In April tenge strengthened 0.26%, from the early of the year it slid down 0.07%.

 

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