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Kazakh c.bank to buy dollars until end '09-governor
Wed, 17th Jun 2009 12:35
LONDON, June 17 (Reuters) - The Kazakh central bank will buy more dollars in the foreign exchange market but aims to maintain the medium-term tenge band it currently holds, Governor Grigory Marchenko said on Wednesday.
Speaking at a conference in London, Marchenko also said Kazakhstan's economy may grow 3-5 percent in the medium term if commodity prices are sustained at current high levels.
'Now we have been buying dollars in small quantities. There are more petrodollars flowing in the country, and exchange rates have been stable and we don't see any threat,' he said.
'Actually we believe we will be buying more dollars until the end of the year but we will maintain this medium term band of 150 tenge plus/minus 5 tenge.'
On the economy, he said: 'We believe overall GDP this year will be slightly positive growth ... With the current level of commodity prices, if sustained, in the medium term the Kazakh economy may grow 3-5 percent.'
(Reporting by
Sujata Rao and Natsuko Waki; editing by David Stamp) Keywords: ECONOMY KAZAKHSTAN/GDP
(natsuko.waki@reuters.com, +44 207 542 6721, Reuters Messaging: natsuko.waki.reuters.com@reuters.net)
COPYRIGHT
Copyright Thomson Reuters 2009. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Speaking at a conference in London, Marchenko also said Kazakhstan's economy may grow 3-5 percent in the medium term if commodity prices are sustained at current high levels.
'Now we have been buying dollars in small quantities. There are more petrodollars flowing in the country, and exchange rates have been stable and we don't see any threat,' he said.
'Actually we believe we will be buying more dollars until the end of the year but we will maintain this medium term band of 150 tenge plus/minus 5 tenge.'
On the economy, he said: 'We believe overall GDP this year will be slightly positive growth ... With the current level of commodity prices, if sustained, in the medium term the Kazakh economy may grow 3-5 percent.'
(Reporting by
(natsuko.waki@reuters.com, +44 207 542 6721, Reuters Messaging: natsuko.waki.reuters.com@reuters.net)
COPYRIGHT
Copyright Thomson Reuters 2009. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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