Kulibayev: "It is important to keep the high volatility and to reserve the funds of the National Fund"

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The National Chamber of Entrepreneurs "Atameken" understands the need to stabilize the exchange rate of the national currency and is ready to take active part in this process.

This statement was made by the Chairman of the Presidium of NCE RK "Atameken" Timur Kulibayev during the working meeting with the management and members of the Regional Council of the Chamber of Entrepreneurs of Almaty.

Sabit Sartbayev, the Executive Director of "LG Electronics Almaty Kazakhstan" raised the issue of importance of the stability of the tenge during the discussion of topical business issues. According to him, the transition to a free exchange rate and inflation targeting policy has had a negative impact on the industry: the enterprise is loaded with work only at 30%, sales reduced sharply, there was a mass reduction of employees. As a result, if in previous years, the company annually paid 12 billion tenge of taxes, at the present time, this amount barely reaches 8-10 billion tenge.

"The situation that occurs with the exchange rate of the national currency is not the consequence of the decisions of specific people. We all know that it is a matter of macroeconomics, oil prices affect the balance of payments. These are processes that do not depend on us, we can’t influence them. We can’t spend money of the National Fund for the artificial maintenance of the rate of the national currency. If the situation remains the same, the country may lose its reserves for 3 years. But at the same time, we understand that the volatility of the tenge can’t be as high as it is now, because it complicates business planning. The question of stabilization of tenge exchange rate and its liquidity, we will discuss at the highest level, with the National Bank and second-tier banks", - said Timur Kulibayev.

He added that in the current difficult economic situation it is important to find a golden middle to contain the high volatility and to reserve the National Fund.