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Kazakhstan's Currency Tumbles

This week's In the News follows economic conditions in the former Soviet Republic of Kazakhstan. The seven resources discussed provide news, government links, and background information on Kazakhstan and its currency. Following a Kazahk National Bank announcement ending government limitations on currency exchange, the tenge fell in value from 88.30 tenge to the dollar on April 2, 1999 to 150.00 tenge to the dollar on April 6, 1999. The decision allows Kazakhstan's currency to float freely on international exchange markets and has resulted in some criticism from the International Monetary Fund (IMF). According to the IMF's representative Paul Ross, the decision should stimulate economic growth in this once-industrial economy, but it may come at some social cost. Currently, Kazahk citizens may exchange their bank deposits at pre-fall rates to the dollar providing they do not withdraw their savings for nine months, and as the BBC reports, many shop keepers in the commercial capital of Almaty have already doubled their prices.
Alternate Title
In the News: Kazakhstan's Currency Tumbles
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Date Issued
1999
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Date of Scout Publication
April 8th, 1999
Date Of Record Creation
April 7th, 2003 at 1:24pm
Date Of Record Release
April 7th, 2003 at 1:24pm
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