Kazakhstan Has Been Micromanaging Its Currency to Avert Drop
- Central bank said to delay, deny some requests for dollars
- President said measures should be taken to prevent volatility
Photographer: Andrey Rudakov/Bloomberg
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Kazakhstan’s central bank has been interfering in some tenge-dollar trades to prevent the currency from weakening too much amid an oil slump this year.
The bank micromanages the currency by delaying or denying some requests for transfers into dollars, according to five people with knowledge of the matter, who asked not to be identified. Such interventions go against the principle of the free-floating currency regime that Kazakhstan set up in 2015.