Kazakhstan - 03

Kazakhstan: Astana Sticks to Gradual Devaluation and Showcase Projects

On 15 July National Bank of Kazakhstan Governor Kairat Kelimbetov announced that the central bank would widen the tenge’s trading band against the US dollar by raising the upper limit to 198 tenge/dollar and maintaining the lower limit at 170 tenge/dollar. In our view, this move should be seen as a gradual devaluation, since according to mainstream estimates the market-driven exchange rate would be at…

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