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August 17, 1998
At the Almaty Financial Instrument Exchange (AFINEX), the Tenge closed at 77.85/US$ on Friday after declining continuously from 78.30 on Monday. Dealers attribute the Tenge's decline to the turmoil in Russia. According to a dealer from the Eurasian Bank, "[Kazakh] banks are trying to convert their reserves into foreign currency." (Reuters)
Currency Rates on the Currency Exchange (at close 14/08/98)
| Currency | ForEx market rate |
National Bank rate |
| KZT/$ | 78.30 |
77.65 |
| KZT/DM | No trades |
44.11 |
| KZT/RR | 12.35* |
13.00 |
*Interbank currency market
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