Till the snap elections for the lower house of Kazakh Parliament, there were different debates to the exchange course of Kazakhstani tenge against the American dollar. People tend to buy foreign currencies because the majority of the population believed that after the elections US dollar will be much more expensive. But it doesn't seem that tenge tends to fall.

This kind of opinion will go across from nowhere. Earlier in the presidential elections, the monetary system of our country showed that tenge was being supported by National Bank of Kazakhstan in order to decrease the volume of the panic inside of the community.

According to the KASE, monetary operations with the sum of $81 million is held today (March 24) in Kazakhstan Stock Exchange. This sum was twice less when the political order wasn't necessary. Experts foresee that National Bank decreases the intervention process losing by 2-3 tenges per day. It will show stable devaluation of the national currency.

The another aspect is the current situation with currency pairs where US dollar attends. Let's make a quick review of the World's monetary market.

American currency continues to grow against other currencies of IMF. US dollar is going up because of the strengthening of expectations that FRS will capable of increasing its interest rates in April.

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Out of that, the oil prices have fallen right after the news about the growth of oil supply.

Terrorist acts in Brussels became the reason of euro's fall. European investors are afraid of risking their assets in such unstable times.

American dollar's growth against the yen is also caused by purchases by the Japanese importers and institutional investors in American currency.

However, according to analysts, USD/JPU currency pair is being provoked by several streams from Japanese investors, American currency will hardly go up above Y113. It might break if something unexpected will happen in world's stocks.

Investors believe that the US dollar will be rather stronger than now even America's Central Bank had the negative aspects of view to the future of American Economy. On March 16, FRS's head Janet Yellen said that Fed might have increase interest rates twice till the end of this year. As she noted that these monetary actions are holding because of the low rate of inflation.

Many experts say that Kazakhstani tenge is being supported by Financial regulator and US dollar is gaining a lot more positions than it was expected from USD/KZT interventions because of the investors' warnings.

[caption id="attachment_39768" align="alignnone" width="1000"] Photo by timeskz.kz[/caption]

Grigori Marchenko, ex-chairman of Kazakh National Bank, said that Kazakhstani tenge and Russian ruble depends on the oil price in the interview to Vesti Finance. According to him, there is no other political or monetary option which might affect the course of these currencies against the US dollar.

He also noticed all the countries which gain their GDP rate mostly from oil export, such as Kazakhstan and Russia, need to compromise oil supply volume and wait till the prices go up.

Written by Zholdas Orisbayev, follow on twitter: @joldas_os