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.

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