FRS rate hike in September, will put pressure on the tenge, analysts say

Almaty. September 9. Silkroadnews - Raising the interest rate the Federal Reserve System (FRS) in September, will put pressure on the tenge. Such opinion was expressed by Director of the Department of analyst "Asyl-Invest" Aivar Baikenov, KazTAG reports.
"Given the external global macroeconomic picture, the crisis in China and the crisis in the Eurozone, the collapse of the currencies of many developing countries, any decision to raise rates will lead to further strengthening of the dollar. The dollar will strengthen, the pressure on other currencies will increase, again will be possible another wave of currency wars, which may cause devaluations", - said A. Baikenov to KazTAG on Wednesday.
He reminded that KZT is already under pressure due to low oil prices and the ruble exchange rate.
According to him, it is "one channel of influence with strengthening of the dollar".  On the other hand, the strengthening of the dollar leads to a decrease in raw material prices.
"Given that oil, metals all traded in dollar, a stronger dollar results in an adjustment of prices in the commodity markets. Any strengthening will put pressure on oil, respectively, a further decline in prices for these goods, in fact is negative for our economy", - said the expert.
In general, in his opinion, the FRS will increase rates by 0.25% or 0.5%.
On September 16-17 US Federal Reserve will hold a meeting, which will set the interest rate for the dollar.