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Dollar explodes in Kazakhstan: 200 tenge per dollar

11 february 2014, 20:31
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Possible currency rate according to the bank officials. Photo  ©Tengrinews
Possible currency rate according to the bank officials. Photo ©Tengrinews
Currency exchange rates in Almaty. Photo©Tengrinews
Currency exchange rates in Almaty. Photo©Tengrinews
Currency exchange rates in Almaty. Photo©Tengrinews
Currency exchange rates in Almaty. Photo©Tengrinews
Kazkomertsbank ATMs are not working. Photo©Tengrinews
Kazkomertsbank ATMs are not working. Photo©Tengrinews
Photo©Tengrinews
Photo©Tengrinews
Photo©Tengrinews
Photo©Tengrinews
Photo©Tengrinews
Photo©Tengrinews
Photo©Tengrinews
Photo©Tengrinews
Photo©Tengrinews
Photo©Tengrinews
Screen shot from  alb.kz
Screen shot from alb.kz
Screen shot from bta.kz
Screen shot from bta.kz
Screen shot from halykbank.kz
Screen shot from halykbank.kz
Screen shot from sberbank.kz
Screen shot from sberbank.kz
Kazakhstan banks are setting their exchange rates ski-high, selling one dollar for more than 200 tenge, Tengrinews reports.

On February 11, 11:30 am right after the devaluation announcement was made the currency rate at most popular Kazakhstan banks was as follows:
BTA bank
US Dollar:
Buying rate - 182 tenge,
Selling rate - 190 tenge.
Euro
Buying rate - 250 tenge,
Selling rate - 258 tenge.

Halyk Bank
US Dollar:
Buying rate - 179.45 tenge,
Selling rate - 185.37 tenge.
Euro
Buying rate - 250.35 tenge,
Selling rate - 255.40 tenge.

Alliance Bank
US Dollar:
Buying rate - 155.00 tenge,
Selling rate - 215.00 tenge.
Euro
Buying rate - 222.9 tenge,
Selling rate - 282.9 tenge.

Sberbank
US Dollar:
Buying rate - 184.50 tenge,
Selling rate - 187.00 tenge.
Euro
Buying rate - 245.00 tenge,
Selling rate - 255.00 tenge.

Temir Bank
US Dollar:
Buying rate - 155.50 tenge,
Selling rate - 156.00 tenge.
Euro
Buying rate - 211.00 tenge,
Selling rate - 214.00 tenge.

Cesna Bank
US Dollar:
Buying rate - 155.50 tenge,
Selling rate - 210.00 tenge.
Euro
Buying rate - 211.00 tenge,
Selling rate - 280.00 tenge.

Private currency exchange offices are less limited by rules and regulations so their rates were even more aggressive. Here are the rates after the announcement:
VTB Currency Exchange Office in Almaty:
US Dollar:
Buying rate - 173.00 tenge,
Selling rate - 195.00 tenge.
Euro
Buying rate - 220.00 tenge,
Selling rate - 265.50 tenge.

Kazkommertsbank's ATMs were not working.
Some of the currency exchange offices closed down until the time the exchange rates volatility is back to normal. Most of the exchange offices are open through and keep the dollar rate at around 185 tenge. The Euro average is around 255-258 tenge.

On February 11, 2014 the National Bank of Kazakhstan made a decision to stop supporting the tenge exchange rate of 155 tenge per dollar, decrease its currency interventions and stop interfering with the currency market to shape the tenge exchange rate, the Central Bank announced. “The National Bank expects that the new exchange rate will be at around 185 tenge per US Dollar,” the report said.

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