Economics
Kazakh Devaluation Shows Currency War Stirring as Ruble Dips
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Two years after Russia, Kazakhstan and Belarus formed a trade pact, a currency war is breaking out between the former Soviet republics.
Kazakhstan devalued the tenge by 19 percent yesterday, saying the Russian ruble’s plunge to a record low this month put additional pressure on its currency. The tenge will trade at 185 per dollar, with a range of 3 tenge on either side after a previous target of about 150, the National Bank of Kazakhstan said yesterday. The ruble fell to a record 41.0472 against the Russian central bank’s dollar-euro basket this month, dropping