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Panic in Kazakhstan: exchange offices and online shops closed

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Panic in Kazakhstan: exchange offices and online shops closed
Photo: Reuters

Commercial banks have also suspended forex operations, with some financial institutions closing down their websites.

Exchange offices and banks in Kazakhstan have suspended the sale of the dollar amid the collapse of tenge quotations after the government's move to let the national currency on a free float, according to Kazakh news portal Tengrinews.

Commercial banks have also suspended forex operations, with some financial institutions closing down their websites. The websites of equipment stores and some trading houses are not working.

According to Tengrinews, online stores were closed for revaluation of goods sue to the changed rate.

U.S. dollars are unavailable in Astana where some exchange offices are changing the rate info right in front of the visitors, exposing a price of KZT 255 to the dollar. Some exchange offices in the capital were closed on a "technical break" immediately after opening.

Tengrinews reports that the selling rate of the dollar in Kazakh commercial banks and exchange offices on Thursday afternoon reached 259 tenge (60 tenge more than the selling rate on Wednesday).

Kazakhstan switched to a free floating exchange rate mode on Thursday. The average weighted exchange rate of the tenge at the Kazakhstan Stock Exchange (KASE) fell by 26% on Thursday, reaching KZT 256 to the dollar.

According to Kazakh Prime Minister Karim Massimov, the introduction of floating exchange rate of tenge will allow filling the budget losses.

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