Recent tenge fluctuations caused by currency speculation - CEO of Kazakhstan's Halyk Bank
ASTANA. Aug 4 (Interfax) - The tenge rate will soon stabilize, Umut Shayakhmetova, Halyk Bank CEO, has said.
"I believe that the situation with the tenge rate in the past two days stems from currency speculations and emotionally-charged actions. I believe that someone is heating up rumors that the rate will spike to 400 tenge per dollar," Shayakhmetova told journalists in Astana on Friday.
The National Bank earlier made an official statement saying that there are no grounds for tenge weakening.
"The Tenge rate depends on the oil price per barrel and the ruble-dollar exchange rate. My opinion is that certain currency speculation caused this and the situation should stabilize. Based on today's stock exchange trading, the tenge has already been strengthening," she said.
The banker sees no need or reason to return to a fixed currency rate.
"All professional market participants have adjusted to the floating rate and maintaining a fixed rate, especially on the back of high oil price volatility, is very expensive for the state," Shayakhmetova said.
