Kazakh National Bank announces national currency devaluation

Photo: Kazakh National Bank announces national currency devaluation / Economy news

Baku, Azerbaijan, Feb. 11

By Elena Kosolapova - Trend:

The Kazakh National Bank has decided to stop maintaining the exchange rate of the national currency tenge at a previous level, to reduce the volume of foreign exchange interventions and to reduce interference with the process of formation of the tenge exchange rate, the bank said on Feb. 11.

"The National Bank expects that the new level of the exchange rate will be about 185 tenge per dollar," the bank said.

The official rate of the National Bank was at 155.5 tenge per dollar on February 11.

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