The Asian Development Bank (ADB) approved the allocation of a $1 billion loan to Kazakhstan, which earlier announced about devaluation of its national currency - the tenge, RIA Novosti reported citing an ADB message.
On August 20, Kazakhstan launched a new monetary and credit policy based on the free-floating rate of the tenge, and cancelled the currency corridor.
After the news of this came out, the exchange rate of the tenge dropped to 255.26 tenges against $1, falling by 26 percent in 24 hours.
On August 21, the US dollar weakened slightly by 2.79 tenges.
The ADB said the loan it allocated would allow Kazakhstan to smooth out the unexpected and significantly negative consequences of the drop in world oil prices and the slowdown in the neighboring countries' economies.
Edited by CN