Nazarbayev: Kazakhstan had no alternative to tenge floating rate

"In all honesty, it was a least-evil solution. We had no alternative," President Nazarbayev said at the meeting with Kazakhstani entrepreneurs in the Akorda's presidential residence. The Kazakh leader said the country had other options. "We could do nothing, sit still, keep the currency corridor and wait until the situation gets better. We also could allow gradual devaluation of the national currency," Nursultan Nazarbayev added. "However, after careful consideration and much thought we have decided to introduce free floating exchange rate of tenge and shift to inflation targeting," the President stressed.