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.

Related Articles

Belgian court unfreezes $21.5bn of Kazakh assets in dispute with Moldovan oligarch Stati

A Belgian court has lifted a freeze on Kazakh National Fund assets worth $21.5bn imposed as part of a dispute with Moldovan oligarch Anatolie Stati, the Kazakh justice ministry said on May 30. It ... more

Astana International Financial Centre seeks exclusive IPO rights for largest state companies

Kazakhstan’s soon-to-be financial hub, Astana International Financial Centre (AIFC), is seeking exclusive rights on initial public offerings (IPOs) of the largest state-run ... more

EEU, Iran sign interim free trade agreement in Astana

The Moscow-led Eurasian Economic Union (EEU) and Iran have signed an interim free trade agreement (FTA), TASS reported on May 17. “The provisional agreement includes an initial list of goods, ... more

Dismiss