Kazakh government will take necessary measures to stabilize economy as Tenge weakensThe government of Kazakhstan will take all necessary measures to stabilize the economy and minimize negative consequences in view of the situation on the currency market, Deputy Prime Minister and Minister of National Economy Nurlan Baibazarov said."The adjustment of the national currency exchange rate has been necessitated exclusively by external factors, including the global strengthening of the Dollar index in the past months, the decline in global oil prices, and the weakening of Russian Ruble. Considering that Russia is our major trading partner, fluctuations of Ruble may affect the Tenge exchange rate. In this situation, it is the government's priority to prevent the social situation from worsening and to reduce possible negative impacts on entrepreneurs. All necessary measures will be taken to stabilize [the economic situation] and to minimize possible negative consequences both for the economy and the population. The government has enough resources and tools to do this," Baibazarov said at a Monday briefing in the government.In order to keep staple prices stable, the National Bank and local authorities will continue taking measures to curb inflation, including the supply of goods in the domestic market, protection of competition, regulation of foreign trade and tariffs, the minister said.These already measures led to a decrease in annual inflation from 20.3% to 9.8% in 2023 and to 8.4% in the eleven months of 2024, he added.Kazakhstan has also formed sufficient food reserves and there is a stock of over 826,000 tonnes of 29 types of goods in the stabilization funds, according to the minister.On November 28 the National Bank announced the start of currency interventions as the USD exchange rate had been growing in the previous days.From November 16 to 28 the regulator conducted currency interventions for a total amount of $1 billion in order to soften “the landing” of the national currency.In December 2024, the National Bank plans to sell $800 million to $900 million from the National Fund to support the Tenge exchange rate. (ICE ALMATY)

Fonte notizia: Interfax