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Kazakh Leader Dismisses Central Bank Head After Tenge Tumble

  • Nazarbayev appoints Daniyar Akishev as new central bank chief
  • Trust in currency and central bank is low, president says
Former central bank governor Kairat Kelimbetov. Photographer: Matthew Lloyd/Bloomberg

Former central bank governor Kairat Kelimbetov. Photographer: Matthew Lloyd/Bloomberg

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Kazakhstan’s president criticized the performance of the central bank as he replaced Governor Kairat Kelimbetov, who devalued the national currency twice in his two-year tenure amid plummeting oil prices and a rout in emerging markets.

President Nursultan Nazarbayev named Daniyar Akishev, 39, an aide in his administration and former deputy governor at the central bank, to succeed Kelimbetov, according to a decree posted on his website Monday. The tenge weakened 0.4 percent to 281.26 versus the dollar as of 4:39 p.m. in Almaty, extending last month’s 2.9 percent decline.