March 19, 2020 / 4:46 AM / 16 days ago

UPDATE 2-Kazakh tenge down 3%, Kyrgyz som plunges 14% after rouble drops

(Adds Kyrgyz, Tajik forex market data)

ALMATY, March 19 (Reuters) - The Kazakh tenge currency fell 3% on Thursday on the interbank market and the Kyrgyz som plunged 14%, tracking a sharp drop in the Russian rouble a day earlier amid declining oil prices.

In a statement, the Kazakh central bank and the Kazakh Stock Exchange said tenge-dollar trading on the bourse, also the main currency market platform, would be conducted in the Frankfurt auction mode on Thursday and Friday to limit volatility.

Under that system, all buy and sell orders are accumulated and settled at one price rather than matched in real time as usual.

This month the oil-exporting nation’s central bank said it would let the tenge weaken in order to safeguard reserves, after the collapse of a global oil producers’ pact to limit output drove crude prices sharply lower.

Russia, which has refused to cut oil production, is one of Kazakhstan’s biggest trading partners and the tenge has often tracked the movements of the rouble.

Russia is also a key source of income for hundreds of thousands of Kyrgyz migrant labourers. The local market on Thursday responded to the rouble’s fresh weakness by sending the sum 14% lower to 84.9 per dollar.

In Tajikistan, another Central Asian nation dependent on remittances from Russia, the local somoni currency traded at 10.20 per dollar on the black market on Thursday, much weaker than the official rate of 9.75 per dollar. (Reporting by Olzhas Auyezov; Additional reporting by Olga Dzyubenko in Bishkek and Nazarali Pirnazarov in Dushanbe; Editing by Shri Navaratnam, Clarence Fernandez and Jan Harvey)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below