Photo: TASS
The President of Kazakhstan Nursultan Nazarbayev instructed to develop and implement a mechanism of compensation of deposits of citizens after the abolition of the currency corridor and the devaluation of the national currency. On the essence of orders of the president informs portal Tengrinews.
«I charge the National Bank to introduce a mechanism of compensation for time deposits, which were opened in tenge as of August 18, 2015″ – quoted by the portal words of the president of Kazakhstan.
According to Nazarbayev, the authorities fix the course of August 18 for accounts up to 1 million tenge. Investors will be compensated exchange rate differences, but for this they will have to renew deposits to special accounts and store them in the bank for one year.
«This measure will help support the 1700 thousand. People, or 86% of total deposits “- said Nazarbayev.
The president also said that in 2014-2015, the National Bank” burned “$ 28 billion to maintain the exchange rate of tenge. Nazarbayev believes that as a result of second-tier banks’ work at the expense of public money, keep at the money, do not lend to the economy in recent years ».
« and the National Bank since worked: currency, which comes from the National Fund, it palil to keep the course. $ 10 billion “burned” just this year, but only $ 28 billion tenge for the last and this year, “- said the President of Kazakhstan at the meeting with the heads of large enterprises of the republic in Astana on Thursday.
Authorities announced the cancellation of the exchange rate band and the transition to a floating exchange rate of KZT on Thursday, August 20th. The currency was immediately lost 26% of the cost. The average rate of tenge against the US dollar in trading on Kazakhstan Stock Exchange (KASE) decreased by 66.88 tenge was 255.26 tenge per dollar. This previously announced the official exchange rate for August 20 is 188.38 tenge per dollar.
Nazarbayev explained that the decision to release the Tenge to float freely was taken at the request of businesses and exporters. According to him, the country has had three out of the current crisis: either sit back or gently loosen the tenge exchange rate within the band (such policy to date led the National Bank of the country), or enter a floating rate of tenge.
The President praised the first two ways of regulating the foreign exchange market as a very expensive, that cost would reduce Kazakhstan’s own production and the high costs of foreign exchange reserves. “So, on reflection, having considered all the possibilities, the most correct is the introduction of free floating exchange rate of tenge, the transition to inflation targeting. Let us face it: it is – a necessary measure, there was no other alternative, “- said the president.
The day before, on Wednesday, Nazarbayev said the need to adapt to the price of oil at $ 30-40 per barrel. According to him, in the next few years, the world prices for the main export commodities of Kazakhstan will remain at a low level.
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