ALMATY, April 21 (Reuters) - Kazakhstan's central bank will not allow fast appreciation of its tenge currency, its chairman said on Wednesday.
Grigory Marchenko told reporters the tenge had strengthened by 8 percent against the dollar in real terms over the last six months.
'If this continues at the same pace, it will negatively affect the competitiveness of our economy,' Marchenko said. 'We will resist appreciation more strongly than depreciation. We will not allow fast tenge appreciation.'
(Reporting by Olzhas Auyezov, writing by Robin Paxton; editing by Toni Vorobyova) Keywords: KAZAKHSTAN TENGE/ (robin.paxton@reuters.com; +7 495 775 1242; Reuters Messaging: robin.paxton.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. 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.
Grigory Marchenko told reporters the tenge had strengthened by 8 percent against the dollar in real terms over the last six months.
'If this continues at the same pace, it will negatively affect the competitiveness of our economy,' Marchenko said. 'We will resist appreciation more strongly than depreciation. We will not allow fast tenge appreciation.'
(Reporting by Olzhas Auyezov, writing by Robin Paxton; editing by Toni Vorobyova) Keywords: KAZAKHSTAN TENGE/ (robin.paxton@reuters.com; +7 495 775 1242; Reuters Messaging: robin.paxton.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. 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.