Kazakhstan Cenbank Blames Weak Tenge On Rouble, Speculation
ALMATY, Aug 2 (Reuters) – The Kazakh tenge’s <KZT=> weakness is driven largely by speculative factors and the depreciation of
the Russian rouble <RUB=>, Kazakhstan’s central bank said on Wednesday, as the local currency hit an eight-month low.
The central bank said in a statement it “reserves the right to intervene in the event of sharp and destabilising exchange
rate movements”, but that it does not target any specific levels and remains committed to a free float.
The tenge, which has closely trailed the rouble since early 2016 following a switch from a dollar peg, fell 1.6 percent to
335.21 per dollar on the Kazakh Stock Exchange on Wednesday. Russia is Kazakhstan’s main trading partner.
A drop in prices of oil, Russia’s – and Kazakhstan’s – key export, has pressured the rouble already battered by concerns
about new U.S. sanctions against Moscow. [nL5N1KO1SO]
(Reporting by Olzhas Auyezov; Editing by Alexander Winning and Catherine Evans)