ASTANA (CIHAN)- The Kazakh mining and metallurgical enterprises will benefit from the devaluation of the tenge, Kazakh Deputy Executive Director of the
"We support the national currency devaluation as the enterprises, included in the association, are working at zero profitability and revenues from products hardly cover the production costs," he said. "They will have extra money that can be spent on modernization of production and business events after the national currency rate is corrected."
Muhanov recalled that the association includes about 300 of the largest mining and metallurgical enterprises in the country, 90 percent of the products are exported.
"Our market share in the country's exports is 13 percent," he said. "The macroeconomic stability of the economy depends on the work of our enterprises."
As a brilliant example, he cited the current cost of one ton of primary Kazakh aluminum, which is
"This is by 20 percent less than in 2012," he said. "Many ferrous metallurgical enterprises were in a bad situation because the price for their products reduced twofold."
"The national bank thinks that the new exchange rate will hit about
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