Kazakhstani tenge on Tuesday updated the record

Moscow. December 15. The weighted average rate of the tenge against the U.S. dollar at the trades of Kazakhstan stock exchange (KASE) on Tuesday fell by 4.5% compared with the Monday and amounted to $ 337.8 tenge/$1, updating the historical minimum, the Agency said on KASE.

The previous historic low was registered on Monday, 14 December, 322,47/$1.

Trading volume in USD on Tuesday was $127,25 million against $to 166.1 million on Monday. The auction was attended by 25 banks.

The official rate for December 15 – 322,47 tenge/$1. Based on current procedures for determining the official rate, 16, 17 and 18 December, he will be 337,8/$1.

According to analysts, the exchange rate of tenge to US dollar by the end of December could set new record amid declining world oil prices and the situation in Russia’s economy – a key partner of Kazakhstan in the Eurasian economic Union.

The overall uncertainty on the currency market of the Republic, according to experts, is also exacerbated by the lack of a clear exchange rate policy of the national Bank. In particular, analysts worry about the lack of foreign exchange interventions of the national Bank and clear guidelines for their implementation, as well as the inability to implement the policy, which passed the national Bank after the establishment of the new monetary policy of the Republic based on the inflation targeting regime and freely floating exchange rate of the national currency.

In turn Tuesday the national Bank of Kazakhstan stated that involved in the domestic foreign exchange market to smoothing short-term fluctuations of tenge exchange rate, but does not prevent the fundamental determinants of the ratio of supply and demand for foreign currency.

The national Bank of Kazakhstan also noted that the decline in oil prices in 2014-2015 has led to a significant deterioration of the balance of payments and, accordingly, the balance in the domestic foreign exchange market. The drop in the price of Brent crude since the beginning of December of the current year by 15% led to additional pressure on the exchange rate.