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"If the ruble depreciates, why does the tenge fluctuate?" The economist cited three reasons

  "If the ruble depreciates, why does the tenge fluctuate?" The economist cited three reasons

"If the ruble depreciates, why does the tenge fluctuate?" The economist cited three reasons

    First, as Kazakhstan is a member of the Eurasian Economic Union, the country's largest export-import operations are associated with Russia. Secondly, most of the imported goods that come to us, whether it's equipment, construction materials or wood, boards - we get everything from Russia.

    Economist Saparbay Zhobayev explained why the tenge is depreciating in the wake of the ruble.

    "First of all, as Kazakhstan is a member of the Eurasian Economic Union, the country's largest export-import operations are related to Russia. Secondly, most of the imported goods that come to us, whether it's equipment, construction materials or wood, boards - we get everything from Russia. Russia produces more wood or metal than Kazakhstan. Although we have wheat and oil in them, Russia is still ahead in terms of production. We get all the chemical equipment from Russia, ”Saparbay Zhobayev said by telephone.

    According to him, in 2015, after the annexation of Crimea by Ukraine, Russia released its ruble into free circulation. Elections  held in Kazakhstan in May 2015, and the authorities have raised the ruble to 3 tenge. As a result, Kazakhstanis have spent about $ 26 billions on Russian transport and goods, causing significant damage to the country's capital.

   "Now, without repeating those mistakes, we have introduced a monetary and monetary policy balanced with Russia so that Kazakhstan's foreign exchange reserves do not pass into the Russian economy. This is the third reason, "the economist said.

   Ulysmedia.kz

Translated by:Standard.kz

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