Does appetite for the dollar fall?

9310 просмотров

Tenge continues to fall, but, according to the National Bank, the banks are now buying less US currency on the Kazakhstani Stock Exchange

In November, the volume of stock exchange transactions for the currency pair KZT / USD on the Kazakhstani Stock Exchange (KASE) decreased in comparison with October 2015, by 49.1% and amounted to 3.2 billion US dollars. Meanwhile, on the OTC market in in November, the average annual volume of transactions on the currency pair KZT / USD has decreased to 8.8% to 0.5 billion US dollars, informs the press service of the National Bank.

"In general, the volume of transactions in the domestic foreign exchange market for the currency pair KZT / USD decreased by 46.0% compared with October 2015 and amounted to 3.7 billion US dollars", - states the information report.

The financial regulator also provided information on the volume of loans issued by banks to the economy by the condition on end of November 2015, which amounted to 12 368.6 billion tenge, which is higher than October figures by 3.4%. At the same loans in tenge amounted to 8 485.4 billion tenge, in foreign currency - 3 883.2 billion tenge. According to the National Bank, legal entities in Kazakhstan have received loans in the amount of 8 180 billion tenge by the condition on the end of November, physical persons - 4 188.6 billion tenge. Small business banks issued loans in the amount of 1.9 billion tenge, which has enabled the National Bank to report about the continued increase in lending by 3%. The lion's share of loans falls on trade, industry, construction, agriculture and transport (4.5%).

Quite expectedly one can trace the preference of individuals and legal entities to the selection of currencies to store money in deposits. As reports the National Bank, in November 2015 the volume of deposits in the national currency in the comparison the past month increased by 1.5% to 5 044.3 billion tenge, in foreign currency increased by 8.8% to 10 449.9 billion tenge for both segments.

Now Kazakhstani citizens store money in deposits 15 494, 2 billion tenge, deposits of legal entities in the past month increased by 5.7% to 9 244,0 billion tenge that is slower than the dynamics of the deposits of ordinary citizens (7.2% or 6 250, 2 billion tenge).

We add that at the morning session of KASE today, tenge has strengthened slightly, the weighted average dollar exchange rate is 336.66 tenge. According to KASE, the trading volume in US dollars amounted to 146 million 750 thousand dollars. The tenge exchange rate to a dollar on December 22, was established at the National Bank at the level of 349.12 tenge.

Ad hoc information

Just over a month ago at the enlarged session of the Government of Kazakhstan under the chairmanship of the Head of State, the Chairman of the National Bank Daniyar Akishev noted that attempts to cash in on the sharp fluctuations of KZT exchange rate to foreign currencies will be fraught. "Moreover, in the current environment to get speculative profit from exchange transactions is doubtful. You can lose. The attraction of tenge instruments in terms of profitability, is higher than that to keep money in foreign currency", - said then Daniyar Akishev. Speaking of de-dollarization, which is being actively discussed in Kazakhstan now, the Chairman of the National Bank noted that "the process should not be performed at the expense of the population".

"We must create right, first of all, economic incentives for people to keep their money in tenge. Administrative tools, in this case also require further discussion and need to be adjusted", - said in November D. Akishev.

Zhanar Serdalina