Kazakhstan central bank chairman says tenge may strengthen

Kazakhstan central bank approves $1.2 bln assistance for four banks

ASTANA, Sept 26 (Reuters) – The Kazakh tenge may strengthen on favourable external conditions, Kazakh central bank chairman Daniyar Akishev told reporters on Tuesday.

The national currency of the oil-exporting Central Asian country has been under pressure since August, hitting a 10-month low against the dollar this month. “The current situation with external factors is rather favourable, you know that energy prices are rising, which means that most likely the inflow of foreign currency revenue into the country will increase,” Akishev said.

Akishev’s comments appeared to be aimed at retail foreign currency buyers who doubled dollar purchases last month, according to official statistics.

“It is quite possible that it (the tenge) may strengthen and those people who are buying foreign currency now will incur losses,” he said.

(Reporting by Raushan Nurshayeva; Writing by Olzhas Auyezov; Editing by Katya Golubkova by Robin Pomeroy)

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