Kazakhstan appoints new central bank chief after previous sacked as trust in bank, currency falls

Kazakhstan appoints new central bank chief after previous sacked as trust in bank, currency falls
By bne IntelliNews November 2, 2015

Kazakhstan's Senate on November 2 approved a new central bank chief after the previous incumbemt, Kairat Kelimbetov, was sacked by President Nursultan Nazarbayev over a loss of trust in the bank and national currency after two devaluations in the space of two years.

The Senate, the upper chamber of the Kazakh parliament, approved the appointment of Daniyar Akishev as central bank governor, who previously was acting aide to the president and head of the presidential administration’s socioeconomic monitoring department.

Explained the change to the Senate, Nazarbayev said: “Trust in the bank and the national currency, the tenge, is falling now and this should be prevented. The country is experience shortages of tenge liquidity and loaning to the economy is falling. These are bad indicators and we should work on correcting them. I am confident that Akishev’s education and experience will help him solve this task.”

Kelimbetov was appointed governor of the central bank on October 1, 2013, and oversaw two devaluations of the national currency – the first in February 2014 and the second in August 2014, when the tenge was allowed to float freely. As governor, Kelimbetov took much for the blame for the devaluations, which were a response to the deteriorating economic conditions due to poor government policies and low oil and metal prices.

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