Kazakhstan devalues tenge by 18%

The National Bank of Kazakhstan has allowed the tenge's value to fall by almost a fifth against the greenback by substantially devaluing the currency's dollar peg.

The central bank said it would now keep the tenge's value within 3% of 150 to the greenback. Before the recent bout of volatility the tenge tended to trade at around the range of 199.4 to 120.9 to the dollar. The central bank also cut its key refinancing rate by 50 basis points to 9.5% and its reserve requirement by the same margin.