National Bank Chair comments on negative rate forecast
When asked about the rate fluctuations, NBK Chair noted that there are many factors that cause the rate changing. He added that Kazakhstanis who are accustomed to a fixed exchange rate became sensitive to even minor fluctuations, especially after the 2015 devaluation. According to Daniyar Akishev, many like to speculate about negative tendencies. However, he notes, all these forecasts proved to be wrong.
In Mr. Akishev's view, those giving negative predictions that are not backed up by facts aim to destabilize Kazakhstan's society rather than criticize the National Bank's policies.
"The currency market has stabilized and the players are used to the rules of the game. The instruments are restored and the rate reacts to changes in commodity markets, in the countries - trading partners of Kazakhstan. All the anticipated patterns proved to be right. In the fall of 2017, the rate was changing following a number of different statements, although we warned that there were no real factors. Thus, those who bought (foreign currency - Ed.) at the higher rates will ultimately lose," he said.
Kazakhstan's economy is stable and is based on the volume of exports, which entails a positive change in the foreign exchange market, Mr. Akishev added.
He stressed that the National Bank of Kazakhstan forecasts 2018 to be a stable that would not carry any serious risks.
