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    Bloomberg: 10 more currencies can follow devaluation

    Armenian's dram, Tajikistan's somoni, Turkmenistan's  manat  are mentioned among them

    Baku. 21 August. REPORT.AZ/ "Bloomberg" agency experts consider that 10 more world currencies including Soviet Union countries await the similar fate after the devaluation of Kazakhstan's national currency - tenge (previous day - 26%). Report informs, the analysts think that the Russian ruble depreciation specially influence on post-Soviet countries in trade relations with the Russian Federation. Thus, the experts predict the possible devaluation of the Armenian dram. The value of the ruble decreased by 46%, while Armenian dram by only 15% over the last year.

    In addition, the devaluation of the national currency of Kazakhstan can have a negative impact on currencies of Tajikistan and Turkmenistan. The value of Turkmenistan's manat is likely to drop by 20% in the next six months. Tajikistan's somoni may fall by 10-20%. Experts predict that Kyrgyzstan's som will suffer from the devaluation.

    A decrease in the value of Saudi Arabia's rial is not excluded. Analysts note that the country's government has enough resources to keep the exchange rate stable. However, the traders carrying out speculative operations, can benefit from the fall in oil prices. It can cause to the 20% devaluation of Nigeria's naira.

    In general, the experts associate the devaluation with political reasons in several countries. Thus, the ongoing instability in Egypt can lead to 22% fall of pound in the next 12 months. Lira is also expected to face with problems in Turkey where the pre-scheduled elections are likely to be held.

    Negative predictions are also made for the national currency of Zambia (kwacha), which has close ties with China in foreign trade. Exchange reserves will also affect on Malaysia's ringgit that fall to the minimal level over last 17 years.

    The observers in included Ghana's currency - cedi to the devalued currencies. The fall in oil prices, sharp inflation, as well as, increase in foreign debt are shown as the reasons.

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