Kazakhstan’s Central Bank Governor Makes Headway

For a man working to restore investor confidence in Kazakhstan’s central bank, the profit that governor Daniyar Akishev made betting bank money on the correct outcome of Britain’s Brexit referendum will go some way to convincing sceptics that he is a man with the smarts for the task, the Financial Times reported. After barely recovering from the turmoil of the global financial crisis, Kazakhstan’s economic predicament went from bad to worse in 2014 as oil prices plummeted and growth slowed in key trading partners Russia and China, before a botched attempt to prop up the tenge last year savaged whatever confidence remained in central Asia’s largest economy. After a huge currency devaluation last autumn and rising inflation, Mr Akishev oversaw an unprecedented emergency tightening programme, that pushed interest rates to 17 per cent in February. Now, there are signs of success in enticing Kazakhs to convert their savings back to the battered local currency and convincing investors to trust in short-term debt. Read more. (Subscription required.)