Kazakhstan's under-pressure tenge lost more than a quarter of its value on Thursday after the oil producing central Asian nation, hit by a sharp fall in world crude prices, introduced a freely floating exchange rate for the currency.
WASHINGTON (dpa-AFX) - The Kazakhstan Tenge traded at yesterday's record low
against the U.S. dollar on Thursday, after the Kazakh central bank removed the
trading band for tenge, and allowed it to float freely as determined by...
KazMunaiGas Exploration Production (KMG EP) on Wednesday reported that first-half net profit increased 4.6 times year-on-year, mainly due to a significant pre-tax foreign exchange gain as a result of the tenge devaluation.
A consortium developing Kazakhstan's huge Kashagan oilfield said it had appealed a 134.2 billion tenge ($737 million) fine by a regional Kazakh authority for ecological damage at the site in the Caspian Sea.