Finance • 06 February, 2019

Kazakhstan’s National Bank discloses reasons for weakening of tenge

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The market rate of Kazakhstan’s national currency reached 382.74 tenge against the US dollar, decreasing from 377.46 tenge by 1.4 percent for the week during the trades on Feb. 1, Trend reports referring to the National Bank of Kazakhstan on Feb. 4.

The main reasons for the weakening of the tenge rate are the decision of the US Federal Reserve Board to keep the key rate at 2.25-2.5 percent and hold the negotiations between the US and the China.

During the negotiations the sides agreed to reduce the imbalance in mutual trade, discussed the issues concerning the amendments to a draft agreement on the UK’s withdrawal from the EU and the postponement of the Brexit vote on February 13, the political crisis in Venezuela and the imposition of the US sanctions on the national oil company PDVSA.

Moreover, the publication of statistics on slowing business activity in China, rising unemployment, creation of jobs and slow wage growth in the US also contributed to the cheapening of Kazakhstan’s national currency last week.

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