Kazakhstan Will Abandon Currency Corridor in March
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Kazakhstan will loosen its control over the tenge and return to a managed floating currency regime from March 20, according to National Bank of Kazakhstan Governor Grigori Marchenko.
The tenge, which the central bank has confined to a 37.5 tenge-wide corridor since February last year, is now stable so there is “no need for a corridor,” Marchenko told reporters in the financial capital of Almaty today. In a managed float, regulators intervene in a currency only when they think it is necessary to avert an economic shock.