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Kazakh Currency Recovers A Bit After Massive Plunge


The Kazakh national currency has recovered some of its massive losses against the dollar with a 15 percent rise, despite the country's stock-market slump.

The tenge traded at 218.61 to the U.S. dollar in the morning session on the Kazakhstan stock exchange, down from 252.47 on August 21, but dropped later in the day to close on 225.53..

The tenge had slumped by over 25 percent against the dollar on 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 the dollar.

The damage to the tenge has sent ripples through Central Asia, a region depressed by low global energy prices and slowdowns in China and Russia.

In neighboring Kyrgyzstan and Tajikistan -- both key trading partners of Kazakhstan -- dollars have been sold at 5 to 6 percent above their official rates since August 21.

Based on reporting by AP and KazTAG
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