Kazakh National Bank explains currency devaluation

The Kazakh National Bank explained that the main reason for the devaluation today of the national currency, the tenge, was the flow of capital from developing states to advanced states, RIA Novosti reports.Another reason for the process is the instability of the Russian ruble. The Russian currency lost 7.1% of its value in relation to the USD in 2013.The devaluation tendency was also affected by speculative operations.The Kazakh National Bank wants devaluation of the currency to reduce inflation to 3-4%.

The Kazakh National Bank explained that the main reason for the devaluation today of the national currency, the tenge, was the flow of capital from developing states to advanced states, RIA Novosti reports.

Another reason for the process is the instability of the Russian ruble. The Russian currency lost 7.1% of its value in relation to the USD in 2013.

The devaluation tendency was also affected by speculative operations.

The Kazakh National Bank wants devaluation of the currency to reduce inflation to 3-4%.