During the meeting the National Bank Сhairman has reported to the President about the current results in the financial market for 11 months in 2016.
The head of the National Bank noted the stabilization of tenge exchange rate against major world currencies.
- The National Bank in recent months has not participated in currency trading. Thus, the exchange rate is being generated absolutely freely, without the National Bank’s intervention. Devaluation expectations have been minimized in the market. Tenge has strengthened by 3.4%, largely due to oil prices strengthening in December, D.Akishev said.
Also the National Bank Chairman said that inflation as a result of November the current year had returned to a unique value and makes 7.5% during 11 months of 2016.
The President of Kazakhstan noted that the transition to the national currency’s free-floating exchange rate in the past year had provided a positive effect.
-Introduction of free floating tenge rate has been justified. There may be some fluctuations, since the exchange rate depends on world prices, but we are ready to take appropriate measures, Nursultan Nazarbayev said.
The Head of the State gave a number of specific instructions on further stabilization in the banking system and the financial markets.