26 July 2012, 14:09
Tenge fluctuations 'no cause for panic' - Marchenko
ALMATY. July 26. KAZINFORM Against other currencies the exchange rate of the Kazakhstani tenge is the most stable and its fluctuations can not cause panic, head of the National Bank of Kazakhstan Grigory Marchenko said Wednesday during an online conference in Almaty.
He noted much lower fluctuation of the Kazakhstan tenge rate than other currencies, such as the Russian ruble, euro, Japanese yen.
"Thus, the annual volatility of the Kazakh tenge against the U.S. dollar is 2.2%, while the volatility of the ruble is 13.4%, euro - 13.2%, yen - 12.8%," G. Marchenko said.
He added that in case of significant pressure on the tenge exchange rate towards its strengthening or weakening the National Bank, to smooth out sharp fluctuations, intervenes in the foreign exchange market, i.e. makes purchases when there is pressure towards strengthening and, on the contrary, makes sales if the tenge weakens rapidly.
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