Kazakhs let currency fall 19%


Kazakhstan's central bank devalued its currency by 19% against the US dollar today, as capital continues to pour out of emerging markets in the wake of the Federal Reserve's decision to reduce the pace of its asset purchases.

The National Bank of Kazakhstan says the currency will now trade at around 185 tenge per US dollar, tolerating deviations up to three tenge either side of this level.

It had been supporting the currency within a band of 145-155 against the US dollar, but a number of factors

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