Economic Papers Publications

The fall of the tenge: A critical analysis of the official narrative on the Kazakhstani currency devaluation

Central Asia Economic Papers No. 17, November 2015

By Genadiy Rau and Bakhytzhan Kurmanov

On August 20, 2015 the government of Kazakhstan and the National bank of Kazakhstan announced the introduction of a free floating exchange rate and abandoned the peg band that was revised on July 15, 2015 and was widely expected to last until the end of the year. The subsequent sharp depreciation of the tenge, which had been a stable currency for a long time, has surprised foreign investors and financial analysts worldwide.

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