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The joint statement of Kazakhstan government and national bank stated that their intent is to strengthen their national currency rather than focus on eliminating US dollars. [56] In August 2016, after inflation surged to a 6-year high, the Kazakhstan central bank governor stated that it is a necessity to kickstart dedollarisation. [57] [58]
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.
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]
List of all Asian currencies Present currency ISO 4217 code Country or dependency (administrating country) Currency sign Fractional unit Russian Ruble [1]: RUB Abkhazia ...
These foreign-currency deposits are the financial assets of the central banks and monetary authorities that are held in different reserve currencies (e.g., the U.S. dollar, the euro, the pound sterling, the Japanese yen, the Swiss franc, the Indian rupees and the Chinese renminbi) and which are used to back its liabilities (e.g., the local ...
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. [91] 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. [ 91 ]
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] While the national bank was printing more money and causing inflation to occur at 7.4% and 13.6% in 2014 and 2015, respectively, the national bank has since lowered inflation to 6.8% in 2016.