Experts advise Kazakh citizens to keep their savings in tenge

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The national currency started this week with a slight strengthening. Rising oil prices have an impact on the exchange rate, economists noted. Brent crude futures are trading above US$86 per barrel. The National Bank carried out foreign exchange interventions worth US$240 million last week to reduce risks and maintain financial stability. There was a need for this operation, and it was successful, financial analyst Andrei Chebotaryov said. He also shared recommendations on how best to manage money in the current conditions. According to a survey recently conducted by the National Bank, only 18 percent of Kazakh citizens have savings to date.

“Speaking of the money safety, the deposit rates in tenge were increased up to 14.9 percent. It is quite appealing. People in Kazakhstan typically keep the money in dollars, but they should remember that the American currency is also vulnerable to inflation. Its indicators are record-breaking. For example, if you bought US$100 at the beginning of 2021, by the end of the year you will have US$93. My advice – it is still better to keep discretionary money that you may need soon in the national currency. As for long-term money – in the stock market in liquid assets, including foreign exchange ones,” Chebotaryov said.

Translation and editing by Saniya Sakenova