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| Kazakhstan Weekly News Money Markets Monday, Jan 10 2000 |
Currency Rates
*Note: The National Bank sets the official rate twice a week. National Bank Begins Return of Recalculated Tenge
Deposits The National
Bank of Kazakhstan revealed that domestic banks have begun recovering
individual converted deposits that were frozen in banks after the
devaluation of the tenge currency on April 5, 1999, Interfax-Kazakhstan
reported. In order to
ease the pain of last April's devaluation, the Kazakhstani government and
National Bank gave the nation's individual bank depositors the option of
keeping their savings in the bank for at least a 9-month period. In exchange, the central bank
promised to recalculate tenge deposits based on the pre-devaluation
exchange rate of 88.3 KZT/USD. The National
Bank said domestic banks will begin giving back converted deposits to
clients according to the terms stipulated in their contracts. Depositors
will have the opportunity to take their money out in any currency or
deposit the readjusted tenge amount for a new term. (Golden Eagle Partners) Kazakhstan Weekly News is also available free of charge on E-mail. To subscribe via E-mail, please contact us on Lydia@kazks.kz or Madina@kazks.kz. |
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