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Kazakhstan: Consternation as Currency Hits New Low

Kazakhstan’s embattled currency has continued its downward slide to hit fresh lows after the dismissal of the central bank chief this week failed to restore market confidence in the tenge.

The latest drop came after the National Bank of Kazakhstan announced late on November 5 that it would stop propping up the tenge and let market forces decide the rate.

The currency fell to 307 to the dollar on November 6, a significant but not precipitous 2.5 percent fall on the previous day. 

However, the tenge has fallen by 10 percent overall in the five days since President Nursultan Nazarbayev fired Kayrat Kelimbetov as chairman of the National Bank and replaced him with Daniyar Akishev — a move Nazarbayev said aimed to restore confidence in the ailing currency.

The tenge has now lost 64 percent of its value against the dollar since August, when the National Bank abandoned its policy of maintaining it in a managed corridor — a strategy Kelimbetov inherited from his predecessor, Georgiy Marchenko.

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Kazakhstan: Consternation as Currency Hits New Low

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