Economics

Dosayev named reasons for weakening of the tenge

Photo: Kazpravda.kz/Adilbek Tauekelov
The Chairman of the National Bank Yerbolat Dossayev during the Government meeting announced the reasons for the September weakening of the tenge, Kazpravda.kz reports.

Yerbolat Dosayev noted that in September the tenge exchange rate was under significant pressure from several external factors.

"Oil in September fell by almost 10% due to the growing risks of a slowdown in the global economic recovery amid repeated outbreaks of coronavirus in certain regions of the world and, as a result, weakening of the demand for oil. Oil quotes were also under pressure from easing OPEC + production restrictions since August, reduction of oil prices by Saudi Arabia and restoration of production in Libya," Dosayev said.

According to him, the restrained recovery of the world economy could lead to a renewed increase in oil reserves while maintaining the current production volumes.

"The currencies of developing countries weakened in September against the background of an increase in the number of cases of coronavirus, which led to a decrease in investor interest in risky assets and the strengthening of the US dollar. The Turkish lira weakened over the month by 5.2%, the Russian ruble - by 4.9%, the Argentine peso - by 2.7%. The index of currencies of developing countries in September added only 0.4%. The Kazakhstani tenge against the background of the general movement of currencies of developing countries showed a moderate weakening by 2.8% per month - from 420.11 to 431.81 tenge per US dollar", - concluded Dosayev.
Author:
Aidana Demesinova
11:50, 13 October 2020
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