Kazakhstan - 03

Kazakhstan: Implications of Tenge Devaluation

Last week the National Bank of Kazakhstan proceeded with a rapid devaluation of the tenge, announcing a new monetary policy based on inflation targeting and renouncing its earlier trading band. The tenge plummeted from 195 to 255/dollar, recovering this week to around 241/dollar. The move was unexpected for many in Kazakhstan, who believed National Bank Governor Kairat Kelimbetov’s repeated assurances just a few weeks ago that no abrupt devaluation was in store.


To continue reading, please submit your contact details along with a short message below indicating what you'd like to learn more about and we'll get back to you.