Kazakhstan's ministry commented on tenge devaluation risks
Tengrinews.kz - The Vice-Minister of National Economy, Arman Kassenov, addressed concerns regarding the risks of devaluation of the tenge.
According to Vice-Minister Kassenov, there are no grounds for such a devaluation.
"For the past three years, various experts in the media have said that the exchange rate would become excessively high, but this has never occurred. In fact, we have not experienced any devaluation for a long time. As you know, devaluation must be based on clear fundamental reasons, and currently, there are none," Kassenov said at a briefing in the Senate.
He cited Kazakhstan's export performance as an example.
"Our exports this year are significantly higher than last year's figures, while imports have decreased. We currently have a healthier trade balance. Therefore, at this moment, we have no basis for devaluation," the deputy minister noted.
Kassenov stated that Kazakhstan's national currency is stable.
"Various factors can influence it. Like any other currency, it will depend on the country's exports and imports. While the exchange rate may fluctuate under such influences, you can see the overall stability of the currency. The return on deposits in the national currency is considerably higher than in foreign currencies, even when accounting for inflation. Personally, I believe in the stability of the national currency," he concluded.
It is worth noting that on October 9, the average exchange rate of the dollar at the Kazakhstan Stock Exchange was 489.06 tenge, an increase of 2.48 tenge.
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