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Kazakhstan: Currency Woes Hasten Central Bank Boss Demise

Kazakhstan’s President Nursultan Nazarbayev has dismissed the head of the central bank as the national currency continues to lose value against the dollar.

Nazarbayev dismissed Kayrat Kelimbetov, who has presided over two major currency devaluations during his two years as chairman of the National Bank, on November 2 and replaced him with Daniyar Akishev, a presidential adviser and a former deputy chairman of the central bank.

“Confidence in the [central] bank and in the national currency, the tenge, has been reduced, and this cannot be permitted,” Nazarbayev told parliament in remarks quoted by his office. “A shortage of tenge liquidity is being felt in the country, and the volume of credit to the economy has been reduced.”

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Kazakhstan: Currency Woes Hasten Central Bank Boss Demise

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