Ruble Aftershocks Unnerved Even Russia’s Least Exposed Neighbor
- Kazakh central banker says ‘connection remains’ with ruble
- Tenge’s slump last week followed Russian currency depreciation
This article is for subscribers only.
A brief crash in the ruble last week jolted the foreign-exchange market in Kazakhstan, underlining how risks can spread even to a neighbor deemed least vulnerable to flows of Russian capital.
The Russian currency reversed losses soon after the central bank called an emergency meeting and capital controls came back to the government’s agenda. It ended the week with the world’s biggest rally against the dollar.