UDC: 336.71.02 (574)
https://doi.org/10.25198/2077-7175-2019-3-43
TO THE QUESTION OF STABILIZATION OF THE NATIONAL CURRENCY COURSE
A.A. Musina
Kazakh University of Economics, Finance and International Trade, Nur-Sultan, Republic of Kazakhstan
e-mail: amusina@kuef.kz
J.T. Shakirova
Kyrgyz State Law Academy under the Government of the Kyrgyz Republic, Bishkek, Kyrgyzstan
e-mail: jt1957@mail.
Abstract. In modern conditions of growing uncertainty, the transition from a fixed exchange rate to the rate of controlled navigation actualized the problem of stabilization of national currencies and inflation targeting. Today, the exchange rate of the national currency is one of the most important issues for all post-Soviet States.
The article analyzes the experience of creating a national monetary system in Kazakhstan and Kyrgyzstan, discusses the measures of national banks and the government to stabilize the exchange rate of Kazakhstan tenge and Kyrgyz som, to ensure confidence in national currencies in the process of dollarization and the fall of economic growth. The article provides an expert assessment of the practice of managing the exchange rate of national currencies in Kazakhstan and Kyrgyzstan. External and internal factors that determine the exchange rate of national currencies, which should be taken into account when forecasting the situation in the foreign exchange market, are studied. Considering the devaluation of the national currency as a measure of stabilization of monetary circulation in the country, the authors note its positive and negative consequences and on this basis recommend the Government and the National Bank of the Republic of Kazakhstan to take into account the revealed signs of the devaluation process, optimally observing the positive and negative sides when carrying out the exchange rate policy. It is concluded that there is no alternative to the regime of free floating of tenge, as the fixed exchange rate with the volatility of external and internal economic processes will constantly lead to shocks, the accumulation of imbalances that have already caused a sharp devaluation of the tenge. In order for the exchange rate of tenge to find its equilibrium point in the conditions of free floating, it is necessary to stabilize and maintain the sustainable development of the real sector of the economy.
Keywords: exchange rate, exchange rate, currency devaluation, currency revaluation, exchange rate stabilization, fixed national currency rate, floating exchange rate.
