Kazakhstan will relax its control over its currency and return to a managed floating currency regime from March 20, Bloomberg reports. The tenge is now stable and so there is “no need for a corridor,” said National Bank of Kazakhstan Governor, Grigori Marchenko. In February 2009, Kazakhstan introduced a corridor for the dollar-tenge rate. It also devalued the currency by a fifth amid the global credit crisis and the collapse of the Central Asian nation’s biggest lender, BTA Bank.
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