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Kazakhstan ‘Managed’ Free Float to Allow Further Tenge Gains

Kazakhstan’s central bank said a return to a “managed” free float by abolishing the tenge’s trading corridor will allow the currency to appreciate until it reaches a “comfort level” for the economy.

The factors “conducive to a strengthening” of the tenge, including higher prices for oil, metals and grain, will continue to gain momentum, the central bank said today in an e-mailed statement from Almaty, the country’s financial center.