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Kazakh National Currency Weakens To New Low

  • RFE/RL's Kazakh Service

The tenge has been on the slide since August 20, when Kazakhstan's government and central bank moved to a free float, abandoning a trading corridor.

The tenge has been on the slide since August 20, when Kazakhstan's government and central bank moved to a free float, abandoning a trading corridor.

Kazkahstan's national currency, the tenge, has continued to decline in value, reaching a new low against the U.S. dollar.

The average rate in Kazakh banks on September 16 was around 300 tenges to $1.

Kazakhstan's Stock Exchange fixed the average rate at 283.98 tenges to $1 on September 16, which is almost 3 percent more than it was on September 15.

Kazakhstan's Khalyq Bank was selling $1 for 298.01 tenges and buying $1 for 299.99 tenges on September 16.

Many exchange points in the capital Astana were not selling dollars and euros, claiming they do not have enough reserves.

The tenge has been on the slide since August 20, when Kazakhstan's government and central bank moved to a free float, abandoning a trading corridor.

Before the move, the tenge was officially valued at some 188 to $1.

The devaluation of the tenge has sent ripples through Central Asia, a region already struggling with low global energy prices and slowdowns in China and Russia.

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