Kazakh National Bank predicts tenge strengthening

Kazakh National Bank predicts tenge strengthening

There are no prerequisites at the moment for any significant fluctuations in the Tenge exchange rate, the Kazakh National Bank Chairman Daniyar Akishev said.

Kazakhstan’s National Bank noted a high probability of strengthening the tenge rate by the end of the year.

Akishev said that the current situation on the foreign exchange market is completely stable.

"The exchange rate fluctuates within the limits that have historically been formed taking into account oil prices and exchange rates of trading partner countries. We do not see any prerequisites for significant exchange rate fluctuations," Sputnik-Kazakhstan cited the chairmen as saying.

"Moreover, by the end of the year, exporters will increase supply of foreign currency through tax payments, thus making the strengthening of tenge more likely," Akishev added.