ASTANA
Kazakhstan's tenge has been devaluated by 20 percent, according to an e-mailed statement from the Central Bank of Kazakhstan.
The Central Bank (CB) easing in its monetary policy has caused a depreciation of the tenge against the US dollar.
Since 2009, the decline in Kazakhstan's real estate market, petrol prices, and the difficulties in paying back foreign debts, have prompted the country’s Central Bank to devaluate its currency.
The currency volatility in the global economy has also impacted the Kazakhstan economy; a 7.1 percent devaluation of the Russian Ruble against the US dollar has been one of the key factors for change in the tenge value.
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