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Kazakhstan moves to a free float tenge — premier

"The decision was made to start a new economic policy from August 20 on the basis of inflation targeting and to cancel the currency corridor," the premier said

Kazakhstan's Prime Minister Karim Masimov ITAR-TASS/Alexei Nikolsky

Kazakhstan's Prime Minister Karim Masimov

© ITAR-TASS/Alexei Nikolsky

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Kazakh bank chief dismisses tenge devaluation 'rumour'

ASTANA./TASS/. Kazakhstan will allow its national currency tenge to float freely, Prime Minister Karim Masimv said at a government telephone conference on Thursday.

"The decision was made to start a new economic policy from August 20 on the basis of inflation targeting and to cancel the currency corridor," the premier cited a joint statement of the government and the National Bank.

"A new economic policy in conditions of fundamental negative changes in the global economy necessitates a new monetary policy to ensure a balance between economic growth and stability of prices," he said.

"With this in view, the government and the National Bank of the Republic of Kazakhstan have made the decision to start the implementation of a new monetary policy, based on the inflation targeting regime and move to a floating exchange rate," the prime minister said.

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