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US Dollar (37) Euro (28) Composite (8) Other (9) No separate legal tender (16) Ecuador El Salvador Marshall Islands Micronesia Palau Panama Timor-Leste Andorra Monaco San Marino Vatican City Kosovo Montenegro Kiribati Nauru Tuvalu; Currency board (11) Djibouti Hong Kong ; ECCU Antigua and Barbuda Dominica
The first foreign currency trading in US dollars took place in 1993. Today, transactions on this market account for about half of the total volume of trade on KASE. Main participants of KASE currency market are Kazakhstan's second-tier banks and the National Bank of the Republic of Kazakhstan.
Kazakhstan issued $2.5 billion of 10- and 30-year bonds on 5 October 2014, in what was the nation's first dollar-denominated overseas sale since 2000. [92] Kazakhstan sold $1.5 billion of 10-year dollar bonds to yield 1.5 percentage points above midswaps and $1 billion of 30-year debt at two percentage points over midswaps. [ 92 ]
On 2 September 2013, the National Bank of Kazakhstan moved the tenge from a managed float and pegged it to the US dollar and the Russian ruble. [30] On 11 February 2014, the Kazakh National Bank chose to devalue the tenge by 19% against the U.S. dollar in response to a weakening of the Russian ruble. [31]
Dedollarisation refers to countries reducing reliance on the U.S. dollar as a reserve currency, medium of exchange or as a unit of account. [1] It also entails the creation of an alternative global financial and technological system in order to gain more economic independence by circumventing the dependence on the Western World-controlled systems, such as SWIFT financial transfers network for ...
List of all Asian currencies Present currency ISO 4217 code Country or dependency (administrating country) Currency sign Fractional unit Russian Ruble [1]: RUB Abkhazia ...
Central Asia and Caucasus region suffered an economic decline of 5.5%. Kazakhstan's inability and delay to open new oil and gas fields exacerbated the problem. [4] Another effect of the collapse of oil prices is that the currency, the tenge, has seen a drop in value of 50% of the dollar as of January 2016. [5]
Conversely, USD appreciation raises interest rates, making borrowing more expensive and reducing the flow of foreign direct investment to these countries. [10] Because most commodities are traded in U.S. dollars globally, a drop in the dollar's value often results in higher commodity prices in the local currencies of developing countries. This ...