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Kazakhstan's currency plunges after central bank abandons USD peg

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By Euronews
Kazakhstan's currency plunges after central bank abandons USD peg

<p>The Kazakh currency, the tenge, has lost a quarter of its value against the US dollar after abandoning a peg to the Greenback.</p> <p>The country’s national bank said the move to let the tenge float freely was to make its currency more competitive.</p> <p>Kazakhstan has been hit by a slide in the global price of oil.</p> <p>A barrel cost 100 dollars last year. It is now down to the level of 40 dollars.</p> <p>Kazakhstan has also affected by a fall in the value of rival currencies from other emerging markets.</p> <p>The Russian ruble has close to halved in value against the dollar since a year ago.</p> <p>China’s yuan has fallen by roughly three percent in the past few days.</p>