The Minister of National Economy of the Republic of Kazakhstan explained a number of reasons for the sharp weakening of the national currency. According to him, the first factor is the global strengthening of the dollar index in recent months.
The weakening of the Kazakhstani tenge is causing more and more concern among the population. According to economists, it is time for the country's authorities to think about introducing non-tariff regulation of imports from Russia in order to stop the depreciation of the national currency.
For more than ten days now, Kazakhstanis have been anxiously watching the tenge cross the threshold of 500 tenge per dollar. During this period, the tenge exchange rate against the dollar and the euro in Kazakhstan fell by more than 5 percent. The Government of the country has announced the adoption of emergency anti-crisis measures. But experts do not rule out a further drop in tenge. The first reports of an unexpected drop in the tenge exchange rate against the dollar and the euro for the population of Kazakhstan appeared on the second day of Vladimir Putin's state visit to Kazakhstan on 28th of November.
The Minister of National Economy of the Republic of Kazakhstan explained a number of reasons for the sharp weakening of the national currency. According to him, the first factor is the global strengthening of the dollar index in recent months. The second factor is associated with a slight decrease in world oil prices. And the last, important factor is the weakening of the Russian ruble.
Experts note that the reason for such dependence of tenge on the ruble is the close economic ties between the two countries. Russia is one of Kazakhstan's key trading partners, and a significant part of mutual trade is carried out in rubles. According to official data, imports of food products, that is, 43% are products of Russian manufacturers. This means any strengthening or weakening of the ruble directly affects the prices of imports and exports, which, in turn, affects the tenge exchange rate.
In addition, in Kazakhstan, most of the goods and food are imported from other countries that are not members of the EAEU. It turns out that this part of the goods is purchased for dollars, imported to Kazakhstan and sold for tenge. The dollar is getting more expensive, respectively, and goods for Kazakhstanis are getting more expensive. Further, as a rule, this stimulates inflation and prices for other goods.
Against the background of an unstable geopolitical situation, changes in the tenge exchange rate against the dollar and volatility in world food markets, the Ministry of Agriculture of the Republic of Kazakhstan announced measures to ensure food security and stabilize prices for essential products. The Government of Kazakhstan also stated that all necessary measures will be taken to stabilize and minimize possible negative consequences for the economy and the population.
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