Kazakh tenge weakens after Doha meeting fails to bring results

By bne IntelliNews April 19, 2016

The Kazakh national currency, the tenge, weakened against the dollar following a drop in the oil price after no agreement on production freeze was reached by Opec and non-Opec producers in Doha on April 17. The exchange rate rose from KZT334.16 on April 15 to KZT340.44 on April 18.

The tenge weakened after oil producers failed to achieve an agreement on freezing oil output after Iran decided to ignore the meeting of Opec and other oil producers in Doha. The failure sent the Brent oil price below $42 per barrel (4.20% down) on April 18. The prospects for reaching the deal are rather blurred given the standoff between Saudi Arabia and Iran, which means that the oil price will struggle to increase, putting pressure on the tenge. The Kazakh currency strengthened by 13.1% between January 21, when it touched a historical low of KZT384.48 against the dollar, and April 15.

According to Kazakh Energy Minister Kanat Bozumbayev, who participated in the meeting, it was agreed that OPEC members must first achieve an agreement within themselves before trying to convince the other oil producing countries to freeze output. Another meeting of the cartel members is expected in June. Kazakhstan has observer status in Opec. 

Related Articles

Ukraine central bank slams PwC over PrivatBank audit

The National Bank of Ukraine (NBU) has accused PricewaterhouseCoopers, PrivatBank's auditing firm, of providing an inadequate evaluation of collateral under loans provided by the çountry's ... more

Macedonia to issue Eurobond in 2017 if conditions are "extremely favorable"

Macedonia sees no need to issue a new Eurobond issue in 2017, but this may happen if the circumstances on the international money market are extremely favorable, bne IntelliNews has learned from ... more

Speculation over a second downgrade grows as S&P drops outlook on Polish economy

Speculation that Poland could suffer a second downgrade of its sovereign rating at the end of the week intensified on January 10, as Standard & Poor’s lowered its estimates on economic growth. ... ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss