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Refinancing Rate Dynamics
May 1998
Refinancing Rate Dynamics
Source : NBK Statistical Bulletin, KS Research
| Interest rate policy | From the introduction of the national currency Tenge in November 1993 through the first half of 1994, the real interest rate was negative, while generally for 1995 (excluding the beginning and the end of the year) and 1996 the real interest rate was positive. The general tendency was that the decreasing interest rate was closely dependent on the inflation level. |
| Tenge Exchange Rate Dynamics | The NBK sticks to a floating exchange rate with its correlation to basic currencies. The most dramatic fall of KZT/$ exchange rate was in 1994, which was mainly due to excessive cheap loans. Since that time, the NBK has implemented a tough exchange rate policy, which resulted in a stable exchange rate for the national currency. Currently, NBK establishes the exchange rate and makes foreign currency transactions on the market at this rate. Being the major dealer of foreign currencies it is able to force the real rate close to the established one. |
Official Tenge Exchange Rate Dynamics
Source : NBK, KS Research
| Net Foreign Reserves |
Since 1993, net foreign reserves of the NBK have constantly increased. As compared to 1996, NBK's Net Foreign Reserves (NFR) increased by 37% and by the end of 1997 reached US $22.5 million. This increase in NFR was primarily due to the growth of foreign currency reserves (a 71% increase). |
NBK's Net Domestic Assets have increased by US $39.87 million and were up to US $225 million by the end of 1997. |
Net Domestic Assets and Foreign Reserves
Source : NBK, KS Research
© Kazkommerts Securities 1998. Please cite source when quoting. This report has been prepared by Kazkommerts Securities and provided solely for information purposes to recipients only. The information contained herein has been obtained from sources believed to be reliable, but is not necessarily complete and its accuracy cannot be guaranteed. This information does not constitute an offer to buy or sell securities. Kazkommerts Securities or its affiliated persons may be buying, selling or holding long or short positions, acting as investment bankers, be represented on the Board of the issuers in securities mentioned herein. This report is not intended for the use of private investors. Investment in Kazakhstan markets is an extremely risky activity and many persons, physical and legal, may be completely or partially restricted from dealing in the Kazakhstan securities markets. |
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