Kazakhstan thus followed Russia, Ukraine and Belarus in abandoning attempts to prop up exchange rates with its hard-won reserves. In January, Kazakhstan spent more than 6% of its foreign currency and gold reserves to support the tenge, with total holdings slumping by $1.6 billion from $19.4 billion at the end of 2008.
Some analysts believe that the country could actually post negative figures for the first time since the Russian financial crisis of August 1998.
That would place additional pressure on the currency, with analysts at...
