Tenge plunges as Kazakhstan moves to free float
Government casts move as next step towards inflation targeting
Kazakhstan's currency plummeted today (August 20) as the National Bank of Kazakhstan (NBK) was forced to abandon its exchange rate corridor and move to a free float.
The tenge has fallen around 27% against the US dollar today, and is currently trading at close to 252 to the dollar.
The NBK had been maintaining a corridor against a basket of currencies weighted at 70% US dollar, 20% euro and 10% Russian ruble. Falling oil and other commodity prices coupled with the strong US dollar put
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