Further devaluation of tenge not to occur - Nazarbayev

Kazakh President Nursultan Nazarbayev assured there will be no further devaluation of tenge in Kazakhstan, azh.kz reports.

“There will be no further devaluation of tenge. Noneedtoworry. This measure (devaluation) will ensure the economic growth not less than 6% (in 2014),” – said Nazarbayev on Friday at the extended meeting of the Government on February 14.

The President said that the devaluation of tenge will result in economic growth not less than 6% in 2014. The President called people not to panic and not to buy food products in large quantities.

During the meeting, Nazarbayev instructed the Government to prevent speculations in the food products market.

The National Bank of Kazakhstan has made the decision to stop maintaining the tenge exchange rate at the previous level, to decrease the scope of foreign exchange interventions and interference into formation of tenge exchange rate since February 11. The central bank has established the exchange rate at 185 tenge (+ 3 tenge) for $1.