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Government and National Bank to focus on stability of Tenge and gold and currency reserves
Astana, January 13 2009
The Kazakh government and National Bank will focus on supporting the stability of Tenge and preventing any losses of the gold and currency reserves.
"The National Bank and government's objective is to ensure Tenge remains stable or smoothly changes against the foreign currencies within the controllable limits as well as to prevent any losses of the gold and currency reserves," Anvar Saidenov, the head of the National Bank, told a Tuesday meeting of the Cabinet in Astana.
Saidenov said that the government and the National Bank would be controlling the payment balance and the Tenge exchange rate.
"This is very important because a considerable portion of the assets and economic liabilities is in the foreign currency, there is a high loan risk as the assets and the borrowers' liabilities are valued in different currencies," he stressed.
As reported, Kazakhstan's gold and currency reserves, including the reserves of the National Bank and the monies accumulated in the National Fund, rose by 1.9% in 2008 to make $46,734.7 million.