Now That We Have The Free Float
Marek Jochec, Assistant Professor of Finance at Nazarbayev University Graduate School of Business, has recently published an article on tenge devaluation at the National Business Magazine.
On August 19 and 20, the Kazakhstan National Bank first relaxed, then abandoned the fixed band on the tenge dollar exchange rate. This move was expected: The Renminbi (Chinese currency) was devalued against the dollar a few days earlier and the Russian Ruble was near its historic minimum. The strain on Kazakhstani exporters was no longer sustainable; continued government intervention was difficult due to falling dollar revenues from oil exports, with oil prices hitting a fifteen year minimum.
You can read the full version of the article here: