Kazakhstan's currency just lost more than 20 per cent of its value at the start of trading, about an hour after the surprise announcement that the government would allow the currency to float freely.
One dollar is now worth 257.7 tenge, taking its year-to-date plunge to nearly 30 per cent.
The Kazakh central bank scrapped the trading band for the tenge early on Thursday, just one day after the Kazakh central bank widened the currency's trade band and allowed it to weaken 4.7 per cent to 196.88 per dollar, the lowest since at least 1994.
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