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D.Akishev called situation on foreign exchange market stable

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According to the head of the National Bank, the annual inflation fell to 7.1% and it is in the middle of the target corridor of 6-8%. D. Akishev noted that population’s expectations regarding the future inflation are at a stable level.

“The quantitative assessment of the inflation expectations for the year ahead, which was 6.4% in July, demonstrates that population’s expectations are formed within the target corridor of 5-7% for 2018”, he said.

The head of the National Bank reminded of the decrease in the base rate from August 22 this year to 10.25%.

“The reduction in the base rate reflects a slowdown in the rate of the annual inflation, a stable level of the inflationary expectations, as well as estimates for further lowering inflation in the medium term. On the other hand, the growing uncertainty and increased volatility of external conditions limit us to further lower rates this year”, D. Akishev said.

D. Akishev explained the increased volatility of the tenge rate in August.

“There were no fundamental changes justifying the fluctuations of tenge’s exchange rate, and, accordingly, this dynamics was of a short-term nature. At present, the situation on the foreign exchange market is stabilized”, D. Akishev emphasized.

He said that as of August 22, 2017, the exchange rate was at the level of 333.08 tenge per US dollar.

“Daily fluctuations in the tenge rate allow instantly absorbing the impact of external and internal shocks, limiting their impact on the domestic economy”, the head of the National Bank of Kazakhstan added.

In addition, the Chairman of the National Bank said that Bank’s gold and currency reserves reached 32.9 billion dollars as of the end of July, having increased by almost 10% or nearly 3 billion dollars by the end of the month.

D. Akishev informed that the total amount of international reserves of the country, including the assets of the National Fund, was about 91 billion dollars.

Source: Kazakhstan 2050

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