Smooth devaluation unnerves the population, National Bank

ASTANA. Feb 12 (Interfax-Kazakhstan) – The head of the National Bank Kairat Kelimbetov believes that a smooth devaluation agitates the population.

"A smooth adjustment of the tenge exchange rate could have set the population off and led to large flows of currency exchanged, the same as we witnessed last year in Russia," he said at a press conference in Astana on Wednesday.

This year, he said, "we will see many countries making a similar decision" on currency devaluations.

On February 11, the National Bank of Kazakhstan devaluated the tenge in one sweep.

February, 2014
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