A man walks past an electronic screen showing the exchange rates at a currency exchange in Nur-Sultan, Kazakhstan, March 9, 2020. The Kazakh tenge on Monday hit a historic low against the U.S. dollar, due to the plunge of crude oil prices following a breakup of talks between major oil producers. (Photo by Kalizhan Ospanov/Xinhua)
NUR-SULTAN, March 9 (Xinhua) -- The Kazakh tenge on Monday hit a historic low against the U.S. dollar, due to the plunge of crude oil prices following a breakup of talks between major oil producers.
According to kurs.kz, a website which shows real-time rates of currency exchange points across Kazakstan, the Kazakah tenge was trading at a low of 400 to one dollar on Monday, tumbling by 4.5 percent compared with the beginning of March.
Some exchange bureaus in the capital Nur-Sultan have suspended the sale of dollars as a result.
In the wake of the tenge depreciation, Kazakh President Kassym-Jomart Tokayev on Monday held an urgent meeting with leaders of government bodies and the central bank, in which he ordered the establishment of rapid response headquarters under direct supervision of Prime Minister Askar Mamin.
Tokayev also urged for the development of an anti-crisis action plan, calling for measures to reduce budget expenditures, ensure employment and stabilize the currency and financial market.
Global oil prices plummeted after the Organization of the Petroleum Exporting Countries and other major countries failed to agree on further output cuts to stabilize prices at talks in Vienna on Friday.
Kazakhstan is a major oil-producing country, whose oil and gas condensate production edged up last year to 90.5 million tonnes.
Kazakhstan's financial markets remain closed on Monday for the International Women's Day holiday.
