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Russian, Kazakh Currencies Fall With Price Of Oil

The national currencies of oil-dependent Russia and Kazakhstan has continued to fall, affected once again by the plummeting 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 on August 19 to $47.22 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 also continued to fall on August 19 to its lowest value in six months with one U.S. dollar being worth more than 66 rubles and one euro garnering 73 rubles.

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

Based on reporting by KazTAG, Kazinform, Interfax, and TASS