The Kazakh currency, the tenge, has lost a quarter of its value against the US dollar after abandoning a peg to the Greenback.<br /><br /> The country’s national bank said the move to let the tenge float freely was to make its currency more competitive.<br /><br /> Kazakhstan has been hit by a slide in the global price of oil.<br /><br /> A barrel cost 100 dollars last year. It is now down to the level of 40 dollars.<br /><br /> Kazakhstan has also affected by a fall in the value of rival currencies from other emerging markets.<br /><br /> The Russian ruble has close to halved in value against the dollar since a year ago.<br /><br /> China’s yuan has fallen by roughly three percent in the past few days.
