Current Tenge Rate Is Balanced, Kazakh Regulator Chief Says
- Regulator doesn't rule out further base rate increase
- Central bank will act to counter tenge shocks, speculators
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The tenge, the world’s most volatile currency since a free-float in August, has reached a balanced rate against the dollar and speculators shouldn’t try to manipulate it, Kazakh central bank Governor Kairat Kelimbetov said.
The regulator, which raised its new base interest rate to 16 percent on Oct. 2, won’t rule out a further increase if pressure on the tenge continues, Kelimbetov said in an interview in Almaty on Monday. The tenge’s present rate of around 270 to the dollar is balanced if no major changes occur in the oil price and foreign currency markets, he said.