Akishev comments on KZT exchange rate situation

"As the institution that announced a freely floating tenge rate, we cannot forecast the exchange rate in this market (...). However, we always say that external factors have sufficiently stabilized. Even with the oil price fluctuation occurring now, we see there is a correction in the tenge rate. But, in our opinion, the current changes in the nominal exchange rate are insignificant. The exchange rate of tenge is either weakening or strengthening. Therefore, this situation will probably continue. I believe that both the population and the enterprises will get used to it," Akishev told a briefing at the Astana Economic Forum.

He notes that the National Bank does not aim to keep any level of the tenge rate on track to the Russian ruble. "But, we are monitoring this situation. Perhaps, the nominal tenge/ruble exhange rate is not the most important thing for us as we must look at the real rate, taking into account the inflation level in our countries. Now, we see that KZT has such a reserve that ensures the competitiveness of our producers, and we are more focused on the balance of payments situation, i.e. the import-export ratio between our countries," concluded the head of the National Bank.