The President of Kazakhstan, Nursultan Nazarbayev, confirmed there will be no second wave of devaluation. The President of Kazakhstan stated in Almaty, following the results of the report of the chairman of the National Bank of Kazakhstan, Grigory Marchenko, reports official mass media.
According to the head of the National Bank, the main result of half a year is an essential decrease of inflation. Inflation for twelve months – July 1, 2009 by July 1, 2008 has decreased by 7.6 % and August 1, 2009 by August 1, 2008 – has fallen below by 7 %. “It is by two and a half time less than the level of the last year. There were many fears that after devaluation the rate of inflation in the country would grow, but actually it has decreased,” G. Marchenko informed.
“The second big issue is preliminary results of devaluation. Now, in six months, it became obvious that the course has been chosen correctly and the corridor of 150 KZT per dollar + / – 5 KZT – was also correct. The state has enough reserves to pursue and maintain this course. The President of Kazakhstan has once again confirmed that there will be no second wave of devaluation and we, in the intermediate term prospect, will keep this corridor,” the head of the National Bank said.
