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Kazakhstan: National Bank director stands behind devaluation01:13

Kazakhstan: National Bank director stands behind devaluation

Kazakhstan, Astana
February 12, 2014 at 18:13 GMT +00:00 · Published

Kazakhstan: National Bank director stands behind devaluation

Devaluing the country's currency was the right decision given the economic climate, National Bank of Kazakhstan Governor Kairat Kelimbetov said Wednesday at a press conference in Astana. Kazakhstan's currency, the tenge, was devalued by 19 percent on Tuesday.

Devaluation of the tenge has led to immediate price rises on local commodities. The move comes after the National Bank pegged the tenge to the US dollar and Russian ruble in September 2013.

Kazakhstan: National Bank director stands behind devaluation01:13
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Kazakhstan: National Bank director stands behind devaluation

Devaluing the country's currency was the right decision given the economic climate, National Bank of Kazakhstan Governor Kairat Kelimbetov said Wednesday at a press conference in Astana. Kazakhstan's currency, the tenge, was devalued by 19 percent on Tuesday.

Devaluation of the tenge has led to immediate price rises on local commodities. The move comes after the National Bank pegged the tenge to the US dollar and Russian ruble in September 2013.

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