“At present, the attention of international investors is focused on assessing the moment of winding down of soft monetary conditions in the United States. At the same time, some representatives of the US Federal Reserve believe that consideration of these issues can be initiated upon reaching 75% of vaccination of the population, ”reads the statement.
The involvement of the Kazakh financial market in the world capital flows poses challenges to the tenge exchange rate in the event of a sharp inflow and outflow of non-residents from the government securities of the Republic of Kazakhstan, and tightening of monetary conditions in developed states can provoke an outflow of portfolio investments of non-residents from Kazakhstan.
Also, the main external challenges for the tenge exchange rate include the spread of coronavirus in large developing countries resulting in instability of the recovery of global economic growth, volatility of oil prices, sanctions risks in respect of Russia.
The remaining deficit of the current account of the balance of payments should be attributed to internal challenges for the tenge exchange rate. Additional demand for foreign currency can be caused by the growth of exports and the need to pay off external liabilities.
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