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The exchange rate system and the exchange rate development of the Kazakh tenge
Pak, Irina ; Mandel, Martin (advisor) ; Durčáková, Jaroslava (referee)
In my bachelor thesis we consider the exchange rate system in Kazakhstan and mainly deal with the basic historical stages of the exchange rate development. In this paper we make balance of payments analysis and empirical analysis of the exchange rate development in the country during 1993 - 2015. Our analysis describes the dependence of the nominal effective and the bilateral exchange rates KZT/USD on the balance of payments, the inflation rate, the gross domestic product and oil price. Empirical analysis, based on correlation and regression analysis, confirms our theoretical hypotheses. Because exchange rate depends on oil price development, tenge can be included among so-called commodity currencies. Also we confirm the expected relationships between the balance of payments, domestic inflation, gross domestic product and the exchange rate. In the last part of my work, we describe the influence of the exchange rate development on the national economy. In this thesis, we take into consideration the main goals of the central bank, current issues and its actions in order to prevent the occurrence of new economic crises.
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