Kazakhstan bans forex pricing in e-commerce to ‘de-dollarise’ economy

By Andrei Skvarsky.

Rules on electronic commerce put into force in Kazakhstan on February 2 prescribe setting all prices in Kazakh tenge and ban pricing in foreign currency as part of the “de-dollarisation of the economy”.

“It is an important task set by the head of state to continue the work of de-dollarisation of the economy,” the ex-Soviet republic’s Russian-language news website Karavan quoted central bank governor Daniyar Akishev as saying at a government meeting in Astana.

Under the pressure of plunging oil prices and other international economic woes, the currency of Kazakhstan, which is a major oil producer, lost about a quarter of its value immediately after the central bank allowed the tenge to float freely on August 20, 2015.

In terms of mid-market exchange rates, the tenge has come further down to about 360 today from about 188 to the dollar since then.

“Sets of economic stimulation and procedural measures are needed to raise the role of the tenge. For example, prices for all types of assets in the country should be measured and set in national currency only,” Akishev told the government meeting.

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