Tenge plunges as Kazakhstan moves to free float

national-bank-of-kazakhstan-nbk
The National Bank of Kazakhstan

Kazakhstan's currency plummeted today (August 20) as the National Bank of Kazakhstan (NBK) was forced to abandon its exchange rate corridor and move to a free float.

The tenge has fallen around 27% against the US dollar today, and is currently trading at close to 252 to the dollar.

The NBK had been maintaining a corridor against a basket of currencies weighted at 70% US dollar, 20% euro and 10% Russian ruble. Falling oil and other commodity prices coupled with the strong US dollar put significan

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