Nursultan Nazarbayev: "We must use tenge only"
It is more profitable to keep money in the national currency than in foreign currency
Kazakh President Nursultan Nazarbayev urged the Kazakhstani population to live using tenge, resorting to the use of dollars only in exceptional cases. "All Kazakhstani population must get used to the common currency of tenge only. We buy bread in tenge, we buy sausage in tenge. We buy clothes in tenge", - said the President in his speech during the annual Address to the Nation "Kazakhstan in a new global reality: growth, reforms and development".
"Only those who dress abroad need US dollars, or those, who import goods. Monetary deposits in tenge are more profitable - a higher percentage in reality. For deposits in US dollars interest rates will be very low, the banks will resort to it", - said Nursultan Nazarbayev.
The President of Kazakhstan noted that "this is one of the measures of de-dollarization".
"Let’s believe in the tenge today, let’s live using tenge. And then our minds will be in peace and we will help ourselves and our country", - N. Nazarbayev enthused in his address.
In addition, the President instructed the Government and the National Bank to carry out reforms in five areas and to begin to stabilize the financial sector. He noted that "this is the most important task - to stabilize the financial system, to bring it into line with the new global reality". First of all, it is necessary to ensure the effective operation under a floating exchange tenge rate. The fundamental point is that there will be no return to the practice of endless support of the national currency exchange rate at the expense of the National Fund", - said the head of state. He instructed the National Bank to conduct stress testing of the entities of the banking sector for the non-performing loans. "Banks that are not able to solve the issue of capitalization should leave the system", - said N. Nazarbayev.
The Kazakhstani President also instructed the Government to ensure economic development. "We need to establish such economic development that will ensure the entry of Kazakhstan into the top 30 of most developed countries", - he concluded.
Zhanar Serdalina
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