Devaluation to ensure planned foreign investments - Marchenko

ASTANA. February 6. KAZINFORM /Muratbek Makulbekov/ 2008 was a favorable year for Kazakhstan?s economy. Chairman of the National Bank Grigory Marchenko has announced it at an enlarged session of ?Nur Otan? Party faction; Kazinform reports.

According to him, last year the current accounts of the balance of payments formed with surplus amounting to USD 8.9 bln, export of goods made up USD 72 bln and increased by 49 percent, import formed USD 38.5 bln and increased by 15.7 percent. As a result the balance of trade amounted to USD 33.5 bln. Besides, a flow of direct foreign investments to Kazakhstan made up USD 12.4 bln. ?I ask to pay attention that the first phase of the world financial crisis started in August 2007 and in these conditions during 2008 we received a record-breaking flow of direct foreign investments?, G.Marchenko emphasized. According to him, external assets of banks increased by USD 1.6 bln, external liabilities of banks decreased by USD 6.9. bln over 2008. ?Forecast of the balance of payments for 2009 is formed on the assumption that the annual average world price for oil will be USD 40 per barrel. Devaluation of the rate to KZT 150 to the US dollar allows to decrease a potential deficit of the current account of a balance of payments twofold. The current deficit will form 4.6 percent. Devaluation will promote ensuring planned volumes of direct foreign investments and financing new infrastructural projects?, Marchenko noted.