In July, Kazakhstan’s National Bank expanded the tenge to US dollar exchange rate corridor, citing a drop in global oil prices as one of the reasons for the move.
According to Kazakh Prime Minister Karim Massimov, Kazakhstan’s National Bank reserves the right to intervene to prop up the financial situation in the country, should it destabilize.
By floating the tenge, its value is now exposed to fluctuations in the foreign-exchange market, instead of being tied to a specific currency, gold or a currency basket.
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