National Bank says tenge rate is stabilizing

"Since August 20 we have been living in a new regime of inflation targeting monetary policy. The main condition of this regime was the shift to a free floating rate of our national currency tenge. Immediately after announcing the free floating rate, the US dollar's rate rose sharply and made KZT 250-257 per a dollar. At the beginning of this week fluctuation of tenge was at KZT 214-230 per a dollar. In the past two days and following today's morning session, we see that the exchange rate has consolidated at KZT 240 per a dollar. In general, we see that the market comes up to our forecasts made prior to the transition to the new monetary policy. The National Bank does not affect the determination of the national currency rate at the domestic market," Smolyakov said at the briefing held in the Cenytral Communications Office today. He also added that the National Bank constantly monitors the situation and ensures observance of the rules by the currency exchange centers.