Russian currency fluctuates because of oil prices

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The exchange rate of KZT against the ruble will be dictated by the fluctuations of oil prices. This statement was made by the Chairman of National Bank Kayrat Kelimbetov at the briefing at the Service of Central Communications

"As for what can happen to the ruble, or in relation to other currencies, it will depend on the fluctuations of oil prices", - he said.

"In general, there is a consensus of analysts that the price for oil brand "Brent" will fluctuate in the next six to twelve months in the corridor of 50-70 dollars per barrel, there are different opinions, it may fall or it may rise. But I think, that the corridor of 50-70 dollars in the near future is the best forecast. If we talk about the next six months - it is likely, that the corridor will be 50-60 dollars", - said Kelimbetov.

Fluctuations of oil prices are caused by many factors. "The problems of China's stock market, instability at the euro market related to the situation in Greece, the prevalence of supply over demand, the Iranian oil in the next 6-12 months will also put pressure on the market", - said the chairman of the National Bank.

"So if the oil price will fluctuate in the corridor of 55-60 dollars per barrel, the Russian ruble is likely to fluctuate within this range", - said Kelimbetov. The head of the National Bank urged not to draw parallels between the economic situation in Russia and Kazakhstan.

"When comparing the situation of the Russian ruble and Kazakh tenge, then it is necessary to understand that it is radically different from 2013 or the first half of 2014", - said Kelimbetov.

"In the first quarter, inflation in Russia has reached 17%. It slows down quietly, but it is still high. According to the most optimistic forecasts of experts, it will not be below 12% until the end of the year", - he said.

According to Kelimbetov, “inflation in Kazakhstan is quite low”.