NB forecasts negative payment balance in 2014

Date: 11:17, 17-04-2014.

Almaty. April 17. KazTAG - The payment balance of Kazakhstan will be negative by the results of 2014, said Kairat Kelimbetov, chairman of the National Bank.

"Last year the payment balance was minus $118 mln. This year we also expect the payment balance to be negative," he said.

He added Kazakhstan spends $4.5 bln "to buy food products abroad that negatively affects the balance”.

"Unfortunately export has been growing slowly, while import has been growing fast. If we do not create conditions for competitive industry, one of the terms of that was correction of currency rate, we will face big tenge pressure. We would like to avoid it, thus we are creating measures to dedollarize the economy and stabilize the currency market. One of such measures is derivatives correction and creation of such a tool as currency swaps," he said.

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