Kelimbetov refuted rumors of devaluation

Oct 21. Kazpravda

By Elmira Kirgeyeva

Kelimbetov refuted rumors of devaluationThe NB governor Kairat Kelimbetov told a briefing in Central Communications Service that currency adjustment in February 2014 provides a safety margin of tenge-dollar exchange rate.

Kazakhstan National Bank governor Kairat Kelimbetov said devaluation of tenge will not happen, reports.

“We believe that the current 170-188 tenge rate is an equilibrium corridor that factors in all the ongoing changes in the world. So, in answer to the question  whether there will be devaluation or not, I would like to say once again that the corridor, adopted in February, has sufficient safety margin for us to stay in it, “- Kelimbetov said.

“This year was the time of all sorts of rumors, when all the economists thought it their bounden duty to predict devaluation, and then deny it,” – he stressed. According to Kelimbetov it is an artificial massaging of devaluation expectations, and there is no cause for concern in this regard.

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Kazakhstan international reserves exceeded $ 100 billion

Oct 21. Kazpravda

By Elmira Kirgeyeva

Since the year-start the growth made 9%.

Kazakhstan’s international reserves are currently more than $ 100bn, the National Bank governor Kairat Kelimbetov said.

“In September 2014 there was an increase in international reserves of the National Bank, the gross international reserves of the National Bank increased by 0.8% to make $ 28 billion, but I’d like to remind that at the end of August, they made 27.7 billion dollars. International reserves of the country in total amount to $ 104 billion, of which 76.2 billion dollars are the National Fund’s. International reserves of the National Bank increased from the year-start by 13%, and the international reserves of the country increased by 9%, “- the NB governor told a briefing in the Central Communications Service.

In addition, according to Kelimbetov, the money supply in September 2014 increased and reached 13 trillion 466 billion tenge; increase from the beginning of the year was 16%. Of this amount, 12 trillion 97 billion tenge are deposits in the banking system.

“The total assets of the banking sector increased by 13.5%, amounting to 17 trillion 542 billion tenge. Liabilities of STB in the national currency account for 56.3%, in foreign currency – 43.7%. Total deposits amount to 12 trillion 97 billion tenge, the growth is 20%, “- he said.

On problem assets, Kelimbetov noted, the National Bank adopted a common policy this year to reduce delinquent loans to commercial banks, also action plan 2014-2016 to improve the banking system. “As a result, the volume of distressed assets decreased since the year start from 4.9 trillion to 4.2 trillion, or nearly by 740 billion tenge, “- he added.

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National Bank of Kazakhstan forecasts 5% GDP growth on 2014 results

Oct 21. Kazpravda

By Elmira Kirgeyeva

National Bank governor Kairat Kelimbetov cited the reporting period tallies.

The National Bank of Kazakhstan expects up to 5% GDP growth on the current year results, reports, citing the bank’s governor  Kairat Kelimbetov.

However, as of H1 of the year, the current operations’ account surplus makes $ 6.6 billion, which is twice more on-year.

“In September, the inflation rate was 0.5%, in January-September – 5.9%, and it turns out that the inflation in September in annual terms, is 7.4%, which is in the range of 6-8 %, as planned by the Government and the National Bank “, – he said.

According to Kelimbetov, improvement of the current account in the reporting period relative to the base period, was due to the increase in the trade surplus by 17.4% – to $ 22.6 billion.

Earlier, the Government reported on the revision of the projected GDP indices for the current and 2015-2017 years. So, the real GDP growth for this period was indicated at 5,6-6,8%.