Kazakhstan’s national currency, the tenge, fell to a historic low of 538.9 per U.S. dollar during trading on the Kazakhstan Stock Exchange (KASE) on July 23. The rate dropped by 0.75% or 4 tenge by the close of the session.
This marks the second record low for the tenge in just one week. On July 17, the currency slipped to 533 per dollar.
In the days that followed, the exchange rate partially rebounded, reaching 530 per dollar by July 21. On July 22, the National Bank of Kazakhstan stated it had not intervened in the currency market.
The...