Kaza­khstan’s cur­rency re­cov­ers some­what af­ter mas­sive plunge

The China Post - - BUSINESS INDEX & -

Kaza­khstan’s cur­rency re­cov­ered some of its re­cent losses against the U.S. dol­lar Mon­day with a 15 per­cent rise, even as the coun­try’s stock mar­ket slumped.

The tenge traded at 218.61 to the U.S. dol­lar in the morn­ing ses­sion on the Kaza­khstan stock ex­change, down from 252.47. The tenge had slumped by over 25 per­cent against the U.S. dol­lar on Thurs­day when Kaza­khstan’s gov­ern­ment and cen­tral bank moved to a free float, aban­don­ing a trad­ing cor­ri­dor.

Cen­tral Asian oil pro­ducer Kaza­khstan’s econ­omy has been un­der pres­sure from the low oil price and slow­downs in neigh­bor­ing main­land China and Rus­sia.

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