Kazakhstan’s currency drops to new record low

Kazakhstan's national currency, tenge, dropped to a new record low of 312.65 tenges per US dollar during the morning trading session at Kazakhstan Stock Exchange (KASE) on Nov. 9, KASE announced on its website.

The exchange rate of tenge on Nov. 6 was 307.53 tenges per dollar.

No transactions were carried out in euros during the morning trading session on Nov. 9.

The average rate of tenge was 186.8 tenges per US dollar in July.

Earlier, on Aug. 20, the National Bank of Kazakhstan abolished the currency corridor for tenge and switched to inflation targeting and a free floating rate to ensure the implementation of a new monetary policy. As a result, tenge lost some 30 percent of its value.

In September and October 2015, the National Bank abandoned the transition to a free-floating tenge rate and started to sell currency instead. The bank's share in the currency market reached 60 percent.

Kazakhstan's National Bank said Nov.5 that it will minimize its participation in the currency market in order to maintain its own and the National Fund's gold-exchange assets. As a result, the exchange rate of tenge fell sharply from 298.92 tenges per dollar on Nov.5 to 307.53 tenges per US dollar on Nov.6.

Source: trend.az