Tenge devaluation to allow to save reserves, view
ASTANA. February 11. KAZINFORM /Muratbek Makulbekov/ Devaluation of the tenge and other changes in the economy of Kazakhstan connected with it has excited great interest among the foreign mass media, especially in Russia, Kazinform reports. Thus, GAZETA.RU notes with a reference to The Wall Street Journal that Kazakhstan had pursued 25% devaluation policy to prevent worsening competitiveness of the economy and wasting monetary reserves. «Vremya Novostei» newspaper calls the decision of the National Bank as optimal. According to the analysts of Goldman Sachs, the National Bank’s decision was necessary in the conditions of «sharp rise of the dollar and fall in commodity prices that happened when the National Bank started to prop up the tenge rate in August 2007». Marketmaker of Premier Capital Mikhail Sukhorukov notes that Kazakhstan Stock Exchange has positively taken the devaluation of the tenge. «Securities of the Kazakh companies rose in price due to the devaluation which has led to increase of the KASE index», the expert says. Chief economist of «Otkritie» Financial Corporation Danila Levchenko reminds that Kazakhstan economy is oriented at export of energy resources. Oil export comprises a significant part of export revenues of Kazakhstan. So, devaluation of the national currency can become a favorable factor for oil and gas companies. «This sector will gain an advantage due to the margins from converting the funds into the national currency», the expert notes. The major reasons of devaluation were decline in demand for the products of companies-exporters and capital outflow from the developing markets.