Kazakh Central Bank to tie national currency to USD, EUR and RUR.

By bne IntelliNews August 28, 2013

The National Bank of Kazakhstan (NBK) will tie the national currency KZT to a multi-currency basket of RUR, USD and EUR starting from Sep 2, the bank has informed.

resently, the NBK smoothes out KZT moves to the USD. The head of NBK Grigory Marchenko also noted that it could not have been excluded that Chinese yuan would become part of the basket in the future. The initial rate of the national currency to a basket of foreign currencies will be KZT 113.7.

Significantly, the recent rumors about possible devaluation of the Kazakh national currency prompted a record sale of KZT in July and statements from the NBK aimed at easing the market. Presently, Kazakhstan uses mechanism of managed free float of KZT which prompts intervention of the NBK on the market.

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