New wave of devaluation observed in Kazakhstan

Experts: Tenge will continue to fall

Baku. 14 December. REPORT.AZ/ During today's trading on the Kazakhstan Stock Exchange (KASE) the dollar rose to the level of 329,67 KZT / USD, so the cost of the Kazakh currency dropped to historic low.

The average rate of the dollar at the end of morning trading on KASE made 322.47 tenge per dollar, which is 10.55 tenge higher than the weighted average dollar exchange rate reached during trading on December 11, 2015.

Report informs in currency exchange offices value of the currency cash dollar already passed for 330 tenge.The euro rose today on KASE to the level of 357 tenge, which is also a record.

According to experts the rapid depreciation of the tenge associated with the deterioration of the situation in Kazakhstan's economy, due to the fall in world oil prices.

The head of the analytical department of the Kazakh company Private Asset Management Damir Seisebayev in an interview with Bloomberg said that tenge is in free floating, and the deterioration of the external economic situation leads to increased demand for dollars on the part of businesses and households.He added that in the near future, oil prices could continue to fall, which will increase the pressure on the tenge.

On August 20, 2015 Kazakhstan moved to a free floating exchange rate of its currency. The dollar exchange rate has made 188 tenge.After changing exchange rate policy, the dollar has appreciated by 75% against the dollar.

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