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Kazakhstan bank announces 20% devaluation of national currency

February 11, 2014, 11:16 UTC+3 ASTANA
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ASTANA, February 11. /ITAR-TASS/. Kazakhstan's National bank (NBK) has decided to stop supporting the exchange rate of the national currency (the tenge) from Tuesday, decrease the volume of exchange market interventions and reduce interference in the processes forming the tenge's exchange rate.

"The National Bank expects the tenge's exchange rate to be at 185 tenge per one US dollar," the NBK said.

As of February 11, the official tenge exchange rate was at 155.5 per US dollar. The NBK therefore has weakened the national currency by some 20%.

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