National Bank will no longer protect tenge exchange rate

    The National Bank announced it has decided, starting February 11, 2014 from maintaining the tenge exchange rate to reduce the volume of foreign exchange interventions and reduce interference in the formation of the tenge exchange rate.
    The National Bank expects the new level of the exchange rate to stabilize at around 185 tenge per US dollars, an announcement disseminated on Tuesday reports.
    ‘To prevent a destabilization of the financial market and the economy as a whole, the National Bank will set a fluctuation band for the tenge exchange rate against the US dollar at a new level of 185 tenge per dollar plus / minus 3 tenge and continue its policy to mitigate surges and short-term volatility of the exchange rate. But the long-term trend for the tenge exchange rate will be formed under the influence of macroeconomic preconditions,’ the National Bank states, KazTAG wrote.