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