The National Bank and Government of Kazakhstan are going to press on to dedollarize the economy and discourage Kazakhstanis from relying on the US dollar.
Kazakhstan's central bank released the tenge into a 'managed free float ín February 2011 and this has brought Kazakhstani depositors to loosing 20% of their savings in dollar equivalent.
The 20% currency devaluation will have an impact on the company’s financial performance as 70% of sales are in the national currency, with 65% of expenses being in US Dollars: Erbol Ospanov.
I believe Kazakhstanis appreciate the policy pursued by the country’s authorities: many Kazakhstanis got a job, many have started their own businesses; it’s just the start of the way: Kairat Kelimbetov.
Starting from February 11, 2014 Kazakhstan’s Central Bank decided to stop supporting the tenge exchange rate, decrease currency interventions and stop interference with shaping the tenge exchange rate.