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Kazakhstan Sees No Need for Devaluation as Oil to Ruble Sink

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Kazakhstan has no plans to devalue its currency even as the price of its main export, crude oil, plummets, according to central bank Chairman Kairat Kelimbetov.

The 25 percent slide in the price of crude since June, coupled by a weakening of the Russian ruble, the currency of the Asian nation’s second-biggest trading partner, are not “critical” for the tenge, Kelimbetov told reporters in Astana today. The tenge, closely controlled by the central bank, has been in a tight band around 185 per dollar since a 19 percent devaluation on Feb. 10.