YEAR IN REVIEW: Tenge teeters on the brink – a year of hopes and hurdlesKazakhstan’s national currency, the tenge, had a challenging year, grappling with economic pressures and uncertainty. Despite attempts to stabilize it, the tenge ended the year in a steep decline, crossing the 500 tenge per U.S. dollar mark—a point that raised alarms about what might come next for the currency and the economy.Over the course of 2023, the tenge lost 14% of its value, with 7.4% of that decline occurring in the final three months. The sharp depreciation has left the currency teetering on the brink, as the tenge-dollar exchange rate struggles to regain stability.In response, the government and the National Bank have scrambled to introduce measures aimed at stabilizing the currency. However, lingering economic pressures suggest that the tenge’s slide may be just the tip of the iceberg, hinting at deeper economic cracks.Interfax-Kazakhstan takes a look back at the year’s economic challenges and how they affected the tenge and the people of Kazakhstan.BRIGHT-EYED OPTIMISMThe year 2024 began on an optimistic note. Kazakhstan’s National Bank gradually lowered its base interest rate, reflecting confidence in stabilizing inflation and recovering economic activity. Beginning at 15.25% in January, the rate had eased to 14.75% by November, signaling trust in the resilience of the national economy.Forecasts across key indicators painted an encouraging picture. The prime minister projected 6% GDP growth by year-end, oil prices were expected to hover around $80 per barrel, and the budget was based on an exchange rate of 470 tenge per U.S. dollar. Inflation, though above target, showed signs of slowing. These factors fueled hopes among businesses and households that 2024 would be a year of recovery and new opportunities.However, as November arrived, those hopes began to fade. Economic headwinds emerged, turning what started as a promising year into one shrouded in uncertainty. (ICE ALMATY)

Fonte notizia: INTERFAX