Reports from the currency front: the dollar is being sold at 66 soms, the tenge is being bought for 20-25 tyiyn. As the banker said, the collapse of the tenge exchange rate was not unexpected. The collapse of the Kazakh currency should have happened a long time ago.
The passions have died down, but the exchange rates have remained the same. In the morning, the dollar is sold at 66, and bought at 64. Tenge is bought on average at 20-25 tyiyn, and sold at 33.
On Thursday morning, the head of the Cabinet of Ministers of Kazakhstanmade a statement that the tenge is being sent into "free floating".
Banks and exchange offices of Kyrgyzstanreacted with lightning speed: in just a few hours, the Kazakh currency fell by a third, and by the evening it had lost half its value. The exchange office reported that the number of people wishing to exchange soms for dollars has doubled. Due to the excitement, the “American” has grown by five soms.
The Chairman of the Board of Directors of Kapital Bank Andrey Krasnikov, with a cool head, told Sputnik what happened yesterday:
— The collapse of the tenge exchange rate was not a surprise to us. The collapse of the Kazakh currency should have happened a long time ago. And not so much because of the mutual sanctions between Russia and the West. It’s just that the EAEU is squeezing dollars out of the market, which have been introduced into our economy for several years. It has long been “hooked” on the American currency. We will not be able to break out of this circle just like that.
Perhaps the wrong time was chosen for the currency liberation. This should have been done earlier. But we can’t say that everything is over, collapse, help. Of course, this is not good. The economy, it is like that, likes peace.
But ensuring peace at a time like this is like treating a cancer patient with plantain. An operation was performed yesterday. This means that the patient has a better chance of getting better.
There was panic on Thursday. People made money on this, it is quick money. Of course, the market will not calm down in two or three days. But national banks will quickly discourage the desire to profit from the economy.
And, by the way, there is politics here too. We do not know how many speculators make money on this, and how many are fulfilling political orders. And there are such, it is obvious. By dumping this or that currency on the market, you can stir it up. This is a simple and proven tool. The EAEU is now in the midst of an economic war with the United States. And in war, as in war. Nobody is going to give up on Kyrgyzstan just like that.
Source: http://ru.sputnik.kg/economy/20150821/1017590620.html#ixzz3jTolTcKu