There will be tenge fluctuations but within certain limits - Nazarbayev

16 July, 2018, 16:55 197
There will be tenge fluctuations but within certain limits - Nazarbayev

Nursultan Nazarbayev has held a meeting with Chairman of the National Bank of Kazakhstan.

During the meeting head of state has heard a report on the results of the National Bank’s activity for the first half of 2018. The President of Kazakhstan noted that at present the necessary conditions for maintaining stability in the currency and financial market and further economic development have been created in the country, correspondent reports.

"Nowadays we have an opportunity to provide for the stability of the national currency and the economy as well. For the first half of this, the economy has increased more than by 4%. The transfer to a tenge floating rate was the right one. It is necessary to get used to the fact that there will be fluctuations but within certain limits. This will not affect the welfare of the population, "Nursultan Nazarbayev stressed.

Besides, President pointed out measures to re-establishment of the banking sector.

“The state has allocated three trillion tenge for the support of the banking system. Besides legislation concerning currency regulation and the development of the National Bank’s activity. That is why it is necessary to activate economy’s financing including spheres of small-and-medium-sized business,” the head of state noted.

The President drew the attention of the chairman of the National Bank to the need for more careful regulation of the banking sector in order to protect the population's deposits from fraudulent actions of dishonest shareholders.

According to Daniyar Akishev, the stable financial situation remains stable in the financial market of the country.

"Inflation was 5.9% in annual terms in June 2018. This is the lowest figure for the last three years, the National Bank goals reduction of the inflation to 4% by 2020," the National Bank chairman said.

Akishev informed the President of Kazakhstan about the main factors affecting the exchange rate of the national currency.

 “Situation on the currency and financial markets of Kazakhstan's trade and economic partners and the strengthening the dollar in the world in relation to other currencies are the key factors influencing the tenge rate changing. Generally, there is a foreign currency depreciation in the country,” Chairman of the National Bank reported.

On results of the meeting, the Head of state gave a number of special instructions.