Kazakhstan's currency plunges after central bank abandons USD peg
- 9 years ago
The Kazakh currency, the tenge, has lost a quarter of its value against the US dollar after abandoning a peg to the Greenback.
The country’s national bank said the move to let the tenge float freely was to make its currency more competitive.
Kazakhstan has been hit by a slide in the global price of oil.
A barrel cost 100 dollars last year. It is now down to the level of 40 dollars.
Kazakhstan has also affected by a fall in the value of rival currencies from other emerging markets.
The Russian ruble has close to halved in value against the dollar since a year ago.
China’s yuan has fallen by roughly three percent in the past few days.
The country’s national bank said the move to let the tenge float freely was to make its currency more competitive.
Kazakhstan has been hit by a slide in the global price of oil.
A barrel cost 100 dollars last year. It is now down to the level of 40 dollars.
Kazakhstan has also affected by a fall in the value of rival currencies from other emerging markets.
The Russian ruble has close to halved in value against the dollar since a year ago.
China’s yuan has fallen by roughly three percent in the past few days.