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Transcript
METHOT OF TENGE REAL AND EFFECTIVE EXCHANGE RATE INDEX CALCULATION Tenge Nominal Effective Exchange Rate Index (NEER) is calculated as the weighted average product of changes in the nominal exchange rates of tenge to the currencies of partner countries: nk wk REER ( Ierk ) *100 , k 1 Ier k – change in the tenge's exchange rate to the currency of the country k. Tenge Real Exchange Rate Index (RER) is calculated as change in the nominal bilateral exchange rate (of foreign currency for one tenge) adjusted for the changes in consumer prices in the Republic of Kazakhstan and in the partner country: RERk Ierk *100 (CPI _ KZ / CPI _ k ) , where RER k – RER with respect to country k, Ier k – change in the tenge's exchange rate to the currency of the country k, CPI _ KZ – change in the consumer price index in Kazakhstan, CPI _ k – The change in the consumer price index in the partner country. Tenge Real Effective Exchange Rate Index (REER) is calculated as a weighted average product of changes in the real exchange rates of tenge to the currencies of partner countries. The shares of the respective countries in the foreign trade turnover are used as weights: nk REER ( RERk ) k 1 wk *100 , where REER – summary REER index, wk nk ( RER k ) – product of changes in RER indexes to the currencies of partner countries weighted by specific weights in Kazakhstan's commodity turnover. k 1 The selection of the partner countries is made annually on the basis of the data of the Committee on Statistics of the Ministry of National Economy of the Republic of Kazakhstan. The calculation uses the data of exports and imports for 3 years. The main trading partners are countries, the share of trade with which in the total trade turnover is at least 0.5%. At the same time, the sample of countries - major trade partners should cover at least 90% of the total turnover. It should be noted that for analytical purposes, the National Bank of the Republic of Kazakhstan calculates indexes of effective exchange rates also on the basis of trade weights calculated with the exception of trading operations with oil and gas condensate. The impact of exchange rates on the competitive advantages of energy exporters and importers is insignificant, since in this case the determining factor is the change in world prices. Therefore, the calculation of the effective exchange rate index without oil can provide a more adequate estimate of the effect of changes in the exchange rate on the volume and structure of foreign trade.