Timur Suleimenov, the head of Kazakhstan's National Bank, recently addressed the growing availability of dollars in the local currency market. He attributed this trend primarily to the significant appreciation of global commodity prices, specifically noting that oil and metal valuations have climbed substantially since the previous year. As oil prices surpassed the 100-dollar mark, domestic energy companies have seen their export revenues rise, leading to a higher volume of foreign currency entering the national economy. Suleimenov rejected the notion that this influx constitutes an excessive surplus of dollars. Instead, he characterized the current situation as a normal function of a market economy, where increased export earnings naturally circulate through the financial system. He compared the current foreign exchange dynamics to the housing market, suggesting that the presence of currency is simply a reflection of ongoing trade activity and market demand.
Source : Tengrinews
Photo : Tengrinews
