Nobody holds devaluation twice a year- NB head
Astana. October 29. KazTAG - Nobody in the world holds devaluation twice a year and even the average annual Brent oil price to $60 per barrel is not critical for the currency policy of Kazakhstan, said Kairat Kelimbetov, chairman of the National Bank.
"When I said that the first wake up call for us would be 80 (dollars per Brent oil barrel-KazTAG), 43 (Rubles per $1-KazTAG) we meant that when the Government reconsiders its budget we need to analyze our payment balance, but it is not that critical moment as when currency is corrected it is held for the mid-term period. Nobody does it twice a year in the world," he said.
He reminded historically one moment devaluation in Kazakhstan has been held "in average once in 5 years".
"Yes, we realize that the ruble has been weakening. Yes, we realize that the average annual price forecasted for next year, consensus-prognosis 80-85 (US dollars per barrel-KazTAG), actually we don't think that this index is critical for us, as for oil, even in case of 60-70 (dollars per barrel-KazTAG) it is not critical to change the policy of currency rate," said Kelimbetov.
He indicated in the previous 5 years there was correlation of tenge and Russian ruble when the National Bank was also guided by considerable growth of Russian import to Kazakhstan.
"Today this correlation is not so direct. You understand that there are many math formulas there. Now Russian economy is a little in different condition than Kazakhstani economy. It is in the regime of sanctions from the side of several states, and in the regime of response sanctions against the same several states," he said.