August 28, 2013 / 11:46 AM / 5 years ago

Kazakhstan to peg tenge to U.S. dollar, euro, rouble on Sept. 2

ALMATY, Aug 28 (Reuters) - Kazakhstan’s central bank said on Wednesday it would drop the managed float of the tenge currency and peg it to a basket of currencies including the dollar, euro and Russian rouble, starting Sept. 2.

“We do not rule out that hina’s yuan can become part of the currency basket in the future,” National Bank Chairman Grigory Marchenko told a news conference.

Kazakhstan’s central bank has so far used a managed float mechanism to control the stability of the tenge. It has used the U.S. dollar as a reference currency.

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