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ADB Approves $1B Loan for Kazakhstan's Slowing Economy

The Asian Development Bank approved on Friday a $1 billion loan for Kazakhstan to help stabilize its economy hit by low world oil prices. The announcement comes a day after Kazakhstan, which had lost competitiveness to trading rivals during a wave of devaluations and depreciations in the region, abandoned a trading corridor for its tenge currency and introduced a freely floating rate that weakened the tenge by 26 percent against the dollar. A Kazakhstan-based bank spokeswoman said the...

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