Forex hits the wild east
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Last week former CIS country Kazakhstan saw an extension of its local currency derivatives offering with the first-ever forex option trade on the US dollar/Kazakh tenge pair.
The deal, of an undisclosed size, was executed last Wednesday (September 28) between ABN Amro and Kazkommertsbank, the country's largest bank. To date, forex derivatives on the USD/KZT pair have been limited to infrequent trading in outright forwards, FX swaps and non-deliverable forwards.
But as the Kazakhstan economy
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