Azernews.Az

By Aynur Jafarova

There are no reasons for another devaluation of Kazakhstan's national currency tenge.

These remarks were made by Chairman of Kazakh National Bank Kairat Kelimbetov, Trend Agency reported.

He noted the devaluation of tenge is not expected.

"There are no grounds for this, the oil prices are high. Besides, the country has a margin of safety," Kelimbetov told journalists.

Kelimbetov further said in 2012, the gold and currency reserves of the Kazakh National Bank stood at $28 billion, while by late 2013 they dropped to $24 billion, and today they again amount to $28 billion.

"Aside from that, the country's gross international reserves (GIR) plus the national fund amount to $103 billion. We have an inflation of 4.5 percent, and 6.9 percent - year on year, that is, it stands within the announced range of six percent to eight percent," Kelimbetov added.

He went on to add that the next wave of devaluation of the national currency is nothing but rumors.

In February 2014, the Kazakh National Bank decided to devalue its tenge currency by 19 percent to about 185 per dollar. In February 2009, the National Bank of the country weakened tenge by 25 percent against dollar as well.