23 August 2017

Head of Kazakh central bank comments on rumors about cash withdrawal in US dollars

The Chairman of the National Bank of Kazakhstan, Daniyar Akishev, has commented on the rumors about the withdrawal of a part of the cash in U.S. dollars and possible influence of the U.S. sanctions on Russia on the economy of Kazakhstan, Kazinform correspondent reports.

Many media published information that the Federal Reserve System hugely withdrew the dollar liquidity that can eventually impose the demand for American currency and will result in its growth. They mentioned the amounts of up to $10 billion a month.

"I urge [everyone] to trust information from official sources only. For the moment, no statement about the Fed's new policy with regard to cash dollars was officially made, there were reports from media only. Even if one believes in those rumors, the parameters, that were voiced for the U.S. market, are negligibly small even for the money circulation in the U.S., not to mention the world market. Therefore, it cannot influence the economy," Daniyar Akishev said.

In addition, he commented on the anti-Russian sanctions' possible influence on the Kazakh economy.

"We estimate the potential, that these processes can affect the economy of Kazakhstan, as neutral," the head of the National Bank said.

At the same time, he refused to reveal whether any interventions took place during the Kazakh tenge fluctuations in early August.

"We are publishing this information following the results of August. I can say now that in fact there was pressure as the number of the buyers was higher than of the sellers," Daniyar Akishev noted.

Source: http://www.inform.kz