Kazakhstan is about to take another step on the path to becoming a recognized mainstream economy by removing restrictions on its currency, the tenge. The country plans to make the tenge fully convertible in January.
“On January 1 the free flow of capital will be allowed, another step towards the tenge becoming fully convertible later,” says Arken Arystanov, chairman of the Regional Financial Centre of Almaty. The RFCA believes that the tenge’s float will assist corporates particularly, with oil companies expected to open accounts abroad to decrease onshore risks.
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