Monetary policy

Ruble devaluation won't affect stability of tenge: expert

Devaluation of ruble won't affect stability of tenge, the Russian economist and publicist Mikhail Hazin said in interview to journalists.
World18 July , 00:00

"In Russia, devaluation happens according to the indication of the government. The growing dollar is a consequence of strengthening of crisis as the dollar is the most widespread currency, it has the highest liquidity. As soon as risks of recession increase, all run in this most currency shelter - dollar. Inflation on dollar too happens, it goes the general process of depreciation of all assets. Demand falls and, in this sense, the cost of any asset falls. The rate of tenge in Kazakhstan is defined by internal conditions – oil export, an internal investment question. Some things connected with the Customs union take place. Ruble devaluation process independent, it doesn't involve process of devaluation of tenge," the Russian economist reported.