ANNOUNCEMENT 06 Feb 2009In February 2009, the government of Kazakhstan announced the devaluation of its national currency.
NUMBER OF INTERVENTIONS
Please, see the speech of the Kazakh President Nursultan Nazarbaev < http://www.akorda.kz/www/www_akorda_kz.nsf/004e7184b5a94c8f462571ea0014bac1/c952841f3c23e3800625755c000aced5?OpenDocument&Highlight=0,%D0%B4%D0%B5%D0%B2%D0%B0%D0%BB%D1%8C%D0%B2%D0%B0%D1%86%D0%B8%D1%8F >
In the beginning of February 2009, as an anti-crisis measure, the Kazakh Government announced a 25% devaluation of the national currency (the tenge). The President of the Republic of Kazakhstan emphasized that this anti-crisis measure was very painful, but was necessary to protect the domestic producers. It was argued that Russia, China and Ukraine had already devalued their currencies and that is why Kazakh industries were not able to compete with producers from those countries.
The government announced a new band for the national currency: 150 tenge to the US dollar plus or minus 3%.