It is beneficial for the Kazakhs to keep money in national currency (tenge), according to Kazakhstan's President Nursultan Nazarbayev.

He made the remarks during the meeting with head of Kazakhstan's National Bank Daniyar Akishev, Kazakh presidency said.

"Interest rates on tenge are high, while they are lower on deposits in foreign currency," said Nazarbayev. "All purchase and sale transactions in our country are carried out in the national currency."

He added that as the prices for basic commodities are stable, it is more beneficial to keep the funds in tenge.

During the meeting, Akishev provided information about the current activities of the National Bank, the situation on the country's financial market and emphasized the stabilization of the situation on the currency market in March of 2016.

"Such fundamental external factors as oil prices, exchange rates in the countries which are our trade partners, have stabilized," he said. "Under these conditions, tenge started to strengthen from February and this tendency continues in March."

The exchange rate of Kazakhstan's national currency began to drop after the country's National Bank switched to the floating rate in August of 2015. As a result, the exchange rate of tenge against the US dollar halved in six months.

Source: Trend