ALMATY, Kazakhstan, March 9 (Reuters) - The authorities of oil-exporting Kazakhstan sought to calm markets on Monday by promising to support the local tenge currency with a rate hike and central bank interventions.
The government and the central bank said in a joint statement they had the necessary resources to ensure price stability and curb exchange rate volatility, and would respond to a sharp drop in oil prices by cutting non-priority expenditure.
Kazakhstan's economy depends heavily on oil exports and the tenge has traditionally been sensitive to oil prices.
Kazakh markets were closed for a public holiday on Monday, but on the interbank market the tenge fell to about 386 per dollar from the previous close of 383 per dollar, while some currency exchange kiosks in Almaty sold dollars for about 400 tenge. (Reporting by Mariya Gordeyeva; Writing by Olzhas Auyezov; Editing by Chizu Nomiyama)