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Kazakh currency weakening compared to world’s leading currencies

Business Materials 11 November 2015 15:53 (UTC +04:00)
The real exchange rate of Kazakhstan’s national currency, tenge, has dropped by 24.7 percent over 10 months of 2015.
Kazakh currency weakening compared to world’s leading currencies

Baku, Azerbaijan, Nov.11

By Elena Kosolapova - Trend:

The real exchange rate of Kazakhstan's national currency, tenge, has dropped by 24.7 percent over 10 months of 2015, the country's National Bank said Nov.11.

Tenge has depreciated by 20 percent from early 2014 to October 2015.

Tenge has depreciated against the US dollar by 29.7 percent since early 2015 and by 36.5 percent (real exchange rate) since early 2014. It also dropped by 21.9 percent against euro over 10 months of 2015 and 20.8 percent since early 2014.

Moreover, the exchange rate of tenge to Chinese yuan has decreased by 28 percent since early 2015 and 34.2 percent since early 2014.

Tenge has also depreciated against the currencies of Kazakhstan's partners in the Eurasian Economic Union.

The real exchange rate of tenge to Russian ruble has drooped by 27.6 percent from Jan.-Oct. 2015. However, Kazakh currency consolidated against ruble by 0.5 percent from early 2014 to October 2015.

Tenge has depreciated by 2.9 percent since early 2015 and 6.4 percent since early 2014, while it has dropped against Kyrgyz som by 17 percent since early 2015 and 19.3 percent since early 2014.

The exchange rate of tenge totaled 154.06 tenge/dollar in early 2014, while it stood at 306.74 tenge/dollar as of Nov.11.

Edited by SI

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