Kazakh National Bank rules out further currency devaluation

President of the Kazakh National Bank Kayrat Kelimbetov said today that no repeat devaluation of the national currency (tenge) will happen, Lenta.ru reports.He sais the population should not believe wild rumours about another dramatic fall of the currency value. He recommended the population to refrain from converting the tenge to the dollars or withdrawing deposits. Kelimbetov expressed confidence that the currency rate and retail prices would soon normalize.The economist explained that the corrected currency rate was necessary to end currency speculations in local banks and to support the tenge. He emphasized that 40% of the national economy were in dollars. Banks tried to convert all their free resources into dollars and gave few credits to small business in 2013, according to Kelimbetov.

President of the Kazakh National Bank Kayrat Kelimbetov said today that no repeat devaluation of the national currency (tenge) will happen, Lenta.ru reports.

He sais the population should not believe wild rumours about another dramatic fall of the currency value. He recommended the population to refrain from converting the tenge to the dollars or withdrawing deposits. Kelimbetov expressed confidence that the currency rate and retail prices would soon normalize.

The economist explained that the corrected currency rate was necessary to end currency speculations in local banks and to support the tenge. He emphasized that 40% of the national economy were in dollars. Banks tried to convert all their free resources into dollars and gave few credits to small business in 2013, according to Kelimbetov.