Kazakh central bank moves to stabilise banking sector

The National Bank of Kazakhstan

The National Bank of Kazakhstan (NBK) has launched a plan to compensate depositors hit by the sharp drop in the value of the tenge, but could yet face other problems in the banking sector. 

The NBK said it had formed a working group with the Kazakhstan Deposit Insurance Fund to distribute "compensation" to depositors holding term deposits denominated in the national currency, up to one million tenge ($4,200).

Pressure on the currency proved too much for the central bank to contain on August 20,

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