KZT: Further Gains Despite Banking Turmoil?

On a technical basis the Kazakh tenge is still looking good. The unit has broken though resistance at KZT120.90/US$, with the next key level coming in at KZT119.80/US$. While this may immediately seem counter-intuitive against the backdrop of the ongoing ructions in the Kazakh banking sector, we think that there are some very good reasons as to why the tenge is not going to see a significant sell-off for the

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