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Article: Hot spots: Kazakhstan.(international)
- Article from:
- Business Credit
- Article date:
- June 1, 2009
- Author:
CopyrightCOPYRIGHT 2009 National Association of Credit Management. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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After spending large amounts from shrinking official foreign exchange reserves, the government decided last February to devalue the tenge. Contrary to the rumors that preceded this decision, it opted for a straight, one-shot debasement instead of copying the Russian policy of letting the ruble depreciate gradually. What it found, however, was that money continued to seep out of the country through the unofficial foreign exchange market and this is why the authorities have been talking about plans to reintroduce a law, withdrawn in December 2005, that gives the National Bank of Kazakhstan the right and the ability to control exchange rates at kiosks when there is ...