OREANDA-NEWS.  February 20, 2014. The National Bank of Kazakhstan announced a devaluation of the national currency, the Tenge, to the US Dollar to 185 with a 2 tenge corridor.

In order to ensure transparency to the financial market and provide timely and adequate information to clients, Eurasian Bank comments on the following indicators:

The Bank ‘s management did not expect nor did they ignore the possibility of a devaluation. A variety of action plans were prepared in the middle of summer last year and one of those plans was signed off and began implementation within one minute of the announcement

The Bank’s policy was not to have an open position at the close of any day. The Bank had in fact a small long USD position at the time of the announcement and thus did not incur a loss on the event

The Bank stopped most transactions at the time of the announcement until further information was provided by the National Bank. At 15:45 all operations returned to normal

The retail loan portfolio is only 1.5% denominated in foreign currency

The corporate and SME loan portfolio is 27% denominated in foreign currency, of which about 90% are to large companies with dollar revenues

There has been no unusual client activity across the country since the time of the announcement

According to the current estimation the devaluation did not result in any breach by the Bank of prudential normatives and other mandatory limits of the National Bank.