Kazakhstan's Central Bank Chief: Incorrect to Compare Tenge with Ruble
Photo: Olga Ibraeva / Orda.kz
The National Bank Chair Timur Suleimenov stated that the financial system of Kazakhstan operates according to its own laws, therefore it is incorrect to compare the tenge with the ruble, Orda.kz reports.
According to him, the strengthening of the ruble is connected with the lifting of sanctions and the opening of the Russian economy.
Such factors do not have a significant impact on Kazakhstan.
Russia's economy and financial system are their system, Kazakhstan has its own. Historically, the parity of the tenge to the ruble was indeed five to one, but at the moment, exchange rates depend on many factors, Suleimenov explained.
He also noted that investors expect the geopolitical situation to improve, which positively affects the Russian currency.
For Kazakhstan, such changes do not have a sharp impact. Internal economic processes determine the tenge rate, and it is incorrect to evaluate it through the prism of strengthening the ruble.
Original Author: Olga Ibraeva
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