The rate of the National Bank of Kazakhstan at a meeting in February remained at 9.25% per annum. Due to the deterioration of the external background, the regulator did not dare to revise it right now. The additional pressure on the Central Bank is clearly created by falling oil prices. In addition, the National Bank sees inflation risks within the economy, which also prevents it from making decisions on easing monetary policy. Tenge reacted calmly to the news, the Kazakh currency is losing weight following the decline in black gold prices.

In early February, against such an alarming background, investors are still naturally avoiding risks. During the first week of February, the US dollar may remain in the range of 377-381 tenge, the euro – 416-422 tenge, the ruble – 5.98-6.10 tenge.

Anna Bodrova, Alpari Senior Analyst

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