Kazakhstan Keeping Fingers Crossed For No Price Bumps After Tenge's Slip
Date
11/29/2024 8:08:20 AM
(MENAFN- Trend News Agency)
ASTANA, Kazakhstan, November 29. Kazakhstan
anticipates that the storm of price increases will not sweep across
its economic landscape following the tenge's descent, Trend reports.
This was stated by the Chairman of the National bank of the
Republic of Kazakhstan, Timur Suleymanov. He pointed out that a
dollar exchange rate of 500 tenge is, without a doubt, a
"psychological figure." However, the changes are just a drop in the
bucket, coming in at only 2 percent.
"This two percent depreciation of the tenge will probably affect
prices in some way, but naturally, not in such a panic-driven
manner. Therefore, I wouldn't worry too much about prices changing
instantly, especially for food products. We are self-sufficient in
them, almost entirely," Suleymanov added.
The Chairman of the National Bank also emphasized that the
National Bank has been conducting currency interventions since
November 16 and is ready to continue if necessary. Notably, $1
billion has been spent on this, with funds drawn from the National
Bank's reserves.
"I wouldn't worry too much about prices changing instantly.
Especially for food products," Suleymanov said.
To note, this morning, the National Bank of Kazakhstan decided
to tighten the screws by raising its base rate from 14.25 percent
to 15.25 percent. The most recent tweak to the interest rate took
place in July, when it took a dip from 14.5 percent to 14.25
percent.
MENAFN29112024000187011040ID1108939256
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.