Dosayev explained why the dollar rises in price
Photo: Kazpravda.kz/Adilbek Tauekelov
Chairman of the National Bank of Kazakhstan Erbolat Dossayev explained why the dollar rises in price, at a government meeting, Kazpravda.kz reports.
"The global financial and commodity markets remain quite volatile against the backdrop of the second wave of coronavirus and the introduction of new restrictive measures in the world. The dynamics of global stock indices is determined by two factors - the spread of the coronavirus in the world and the election of the US President, which create uncertainty in trade relations between the United States and China, as well as the adoption of additional fiscal stimuli in the US and EU," said Dosayev.
According to him, the index of stock markets of developing countries in September fell by 1.77%, the index of stocks of developed countries - by 3.59%.
"These factors lead to an increase in the value of the dollar and a decrease in the price of gold," the speaker continued.
According to the National Bank, the US dollar index rose by 1.9% in September, while the price of gold fell from 1956 to 1883 US dollars per ounce.