Tenge rate?s change provides further long-term stability of national currency: M.Lomtadze

ALMATY. February 5. KAZINFORM /Daniyar Sikhimbayev/ According to CEO of Kaspi Bank Mikhail Lomtadze, global changes in business approaches and priorities, following impact of the world economic crisis, make companies change principles of management and renounce rump up, Kazinform reports.

The head of the Bank considers that the changes could not avoid the economy of Kazakhstan and financial sector in particular. ?Such measures as state?s role in provision of financial resources, final appropriation of funds, deposits insurance and participation in capitals of banks are basic for stabilization of the economy and its further development. And this is the good news?, M.Lomtadze said. ?Change of rates of tenge against the dollar is one of such measures. The change is short-term and will provide further long-term stability of the national currency. This step of the Government is very important for long-term perspective of stimulation of the Kazakh economy and will lead to the development of Kazakh production and increase of competitiveness of the national products?, the CEO of the Bank noted. According to the banker, it is not necessary to undergo speculative tendencies and buy other currencies on high prices against the official rate of the National Bank. Speaking about the plans of the bank, the CEO noted possibility of increase of the bank?s interest at the market.