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Largest bank in Kazakhstan experiencing cash withdrawals increase in wake of recent devaluation rumors 04 августа 2014, 19:32

Pressure on Kazkommertsbank’s ATM machines has increased by 15% due to devaluation rumors.
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©Yaroslav Radlovsky ©Yaroslav Radlovsky

Pressure on KazKommertsBank’s ATM machines has increased by 15% due to devaluation rumors, Tengrinews correspodent leart from the bank’s press service.

The largest bank by total assets in Kazakhstan has witnessed an increased number of cash withdrawals in the past few days.

"In general, starting Thursday [July 31], apparently in the wake of the rumors about yet another devaluation, the pressure on our ATMs has grown by an average of 15 percent in terms of transactions in tenge," the bank informed. In addition to this, a deficient of bank notes of large denominations that still persists, also contributed to ATMs' running out of cash faster than usually.

Meanwhile, according to Kazkom, its ATM dollar withdrawals usually total at $100-150 thousand a day, but onJuly 31 they reached $450 thousand.

There were long queues in some of the currency exchange offices of Astana on July 31. Several such establishments even ran out of US currency bills. In the morning the exchange rate was 184.8 tenge per one dollar, while in the evening some exchange points raised it to 187.

Rumors about a new tenge devaluation in Kazakhstan are almost like bad weather – unpleasant and unexpected. Ever since the devaluation of the national currency back in February this year, the rain of rumors about more devaluations have been on and off.

In June, the head of the National Bank of Kazakhstan Kairat Kelimbetov denied rumors of the second wave of devaluation. After him, various experts took this task upon themselves to make the forecasts. But despite all the assurances, many Kazakhstanis succumbed to the rumors, keeping in mind that the last time tenge plunged by 19 percent and did so without warning.

Adviser to the Governor of the National Bank of Kazakhstan - Olzhas Khudaibergenov – said on July 31 that there was no reason to panic and denied that the devaluation rumours were true on his Facebook page.

Reporting by Azhar Ashirova, writing by Dinara Urazova

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