ANNOUNCEMENT 11 Feb 2014In February 2014, the government of Kazakhstan announced the devaluation of its national currency.
NUMBER OF INTERVENTIONS
On 11 February 2014 the National Bank of Kazakhstan renounced its policy to support the exchange rate of the national currency, the tenge, and decreased its currency intervention. As a result, the national currency lost approximately 20 per cent of its value and the exchange rate decreased from 155 tenge for 1 USD to a new rate of 185 tenge for 1 USD.
The President of Kazakhstan Nursultan Nazarbayev made the following statement:"This exceptional financial measure is intended only to improve the economic situation of our companies, in each of which work 10,000-40,000 people. Our economy will receive additional profit, and in general this will have a positive impact on its further growth'.
The GTA database only includes exchange rate measures where officials of the government in question openly state that one purpose of the intervention is to confer competitive advantage in domestic or international markets for firms located in their jurisdiction. The calculated affected sectors are based on the top 12 export sectors.