Kazakhstan floats tenge, currency tumbles over 26% after devaluation.

Kazakhstan’s under-pressure tenge lost more than a quarter of its value after the oil producing central Asian nation, hit by a sharp fall in world crude prices, introduced a freely floating exchange rate for the currency.
The official tenge rate tumbled by 26.2 percent to 255.26 per dollar on the Kazakhstan Stock Exchange in response to the policy shift.
Canam Pipe and Supply as a long time exporter of oil and gas equipment in Kazakhstan is being affected by the tenge devaluation as it makes the import of oil and gas equipment more expensive.
Kevin Mooney, the President of Canam Pipe and Supply said that” We have been doing business in Kazakhstan since 1990 and we have seen a good deal of movement in Kazakh tenge since then. In recent depreciation of tenge some Kazakh importers may be driven out of business and this affects our bottom line, but we were expecting the move and are prepared for the impact”.