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Currencies Of Russia And Kazakhstan Fall With Price Of Oil

The national currencies of oil-dependent Russia and Kazakhstan continued to slide on August 19, affected once again by the falling global price of oil.

The shake up in the foreign exchange market of the former Soviet republics came as the price for Brent crude oil fell by 11 cents on August 19 o $48.70 per barrel.

Kazakhstan's currency, the tenge, hit its lowest point since February with one U.S. dollar costing 198 tenges.

President Nursultan Nazarbaev said at a government meeting in Astana that Kazakhstan's economic policies must be "oriented to the new realities and be ready for oil prices of $30 to $40 per barrel."

In Russia, the ruble continued to fall on August 19 to its lowest value in six months with one U.S. dollar approached the 66-ruble mark.

Russia's Sberbank CIB said on August 19 that if the price of Brent crude oil falls to $45 per barrel, one U.S. dollar could cost more than 70 rubles.

Based on reporting by KazTAG, Kazinform, Interfax and TASS