ASTANA (TCA) — The National Bank of Kazakhstan’s interventions in the form of foreign currency purchases amounted to $474 million in February or 20 percent of the total currency trade, National Bank Chairman Daniyar Akishev said in the Kazakh Parliament on March 3, the official website of the Prime Minister of Kazakhstan reported.
The Kazakh national currency, the tenge, has been strengthening from mid-February, reaching 345.75 tenges per $1 on March 3.
Akishev said the tenge has strengthened due to the current stabilization of oil prices.
The National Bank chief said that at the end of February, the Bank’s international reserves had increased by 2.8 percent and amounted to $27.7 billion.
He added that the National Bank intends to continue the policy of free-floating exchange rate of the tenge, reserving the right to participate in the currency market to prevent sharp fluctuations that may threaten the country’s financial stability.
Akishev also said that the National Bank recommends Kazakhstan citizens to diversify their savings according to a 50-50 principle — to save 50 percent of savings in the national currency and 50 percent in foreign currency.
The chief banker also reminded that from February 1, the National Bank raised the maximum size of interest rates on deposits of individuals in the national currency from 10 to 14 percent. The move aims at encouraging Kazakhstan citizens to save money on tenge deposits.
