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Kazakh National Currency Reaches New Low

  • RFE/RL's Kazakh Service

Kazakhstan's national currency, the tenge, has reached a new low against the dollar as Central Asia's largest economy struggles with the continued sinking of global oil prices and the impact of Russia's economic crisis.

The average rate in Kazakh banks on November 14 was around 334 tenges to $1, which is the lowest rate for the currency since Kazakhstan's government and central bank free floated the tenge on August 20.

Since January 1, the Kazkah currency has lost more than 80 percent of its value, sending ripples across Central Asia, a region already struggling with low global energy prices and economic slowdowns in Russia and China, the two major regional players.

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