Kazakh tenge currency rate hits record lows
The exchange rate of Kazakh national currency – the tenge – fell to 372.58 tenges per US dollar from 362.67 tenges per US dollar as of January15, 2016 during the morning trading session at the Kazakhstan Stock Exchange (KASE)/.
No trading with euros was held during the morning session on January 18, the KASE reported.
The exchange rate of the Kazakh national currency has dropped significantly since July 2015. In July, the tenge rate was 186 tenges per US dollar. In early 2014, the rate was 154.06 tenges per US dollar.
Kazakhstan's Central Bank had devalued the tenge three times since 1999. Over the past two years, the Kazakh national currency lost more than half of its value. In early 2014, the exchange rate of the tenge was at 154.06 tenge/dollar.
Kazakhstan, the largest oil producer among former Soviet republics after Russia, shifted to a floating exchange rate in August 2015 after the tumbling crude prices and devaluations in Russia and China.
In September and October 2015, the National Bank abandoned the transition to a free-floating tenge rate and started to sell currency instead. The bank’s share in the currency market reached 60 percent. Kazakh National Fund and the National Bank sold more than $5 billion in this period.
---
Follow us on Twitter @AzerNewsAz
Here we are to serve you with news right now. It does not cost much, but worth your attention.
Choose to support open, independent, quality journalism and subscribe on a monthly basis.
By subscribing to our online newspaper, you can have full digital access to all news, analysis, and much more.
You can also follow AzerNEWS on Twitter @AzerNewsAz or Facebook @AzerNewsNewspaper
Thank you!