President Nazarbayev - there will be no Second Wave of Devaluation
President of Kazakhstan Nursultan Nazarbayev, has given his confirmation to earlier comments on the part of National Bank Governor Grigory Marchenko that there “will be no second wave of devaluation”.
The president made the statement in Almaty, following a report given by the National Bank chairman, Kazakhstan Today reports citing the official media.
According to Marchenko, the main result of the first half of the year was a decrease in inflation, which for the twelve months ending July 1, 2009 from July 1, 2008 decreased by 7.6% and for the six months of August 1, 2009 from August 1, 2008 - fell 7%.
"This is two and a half time less than the level of last year. There were many fears that the inflation rate in the country would grow after the devaluation, but actually it decreased," Marchenko said.
"The second big issue is the preliminary results of the devaluation. Now, in six months, it has become obvious that the course chosen was the correct one, and the corridor of KZT 150 per dollar +/- 5 tenge was also correct. The state has enough reserves to pursue and maintain this course. The president of Kazakhstan has once again confirmed there will be no second wave of devaluation and we, in the intermediate term, will keep to this corridor," Marchenko said, according to Kazakhstan Today.