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ALMATY, March 10 (Reuters) - Kazakhstan does not plan to
introduce currency controls to stem capital flight after the
one-off devaluation of its currency tenge
"We do not plan to introduce it," Daniyar Akishev told a news conference, referring to a special currency regime. Kazakhstan's parliament approved the first reading of a law last week streamlining the procedures for introducing currency controls.
Akishev said that once approved the new law will give President Nursultan Nazarbayev the right to impose mandatory foreign exchange sales by exporters and introduce a ban on foreign currency transfers and holdings abroad by both firms and individuals.
Despite the central bank's assurances that it plans no currency controls for now the law will de-facto exclude Kazakhstan from the league of emerging economies with a liberal currency regime, making it less attractive for investors.
Kazakhstan devalued the tenge by 18 percent against the dollar last month citing lower oil prices and similar devaluations in neighbouring countries including Russia.
The central bank has said it would keep the exchange rate between 145 and 155 tenge per dollar for at least a year, but some analysts say it could come under more pressure if oil prices stay depressed for a long time.
The central bank's Chairman Grigory Marchenko told the same news conference the tenge had been strengthening last week without the regulator's interventions.
A number of emerging economies with liberal currency regimes were forced to devalue their currencies in recent months amid strong capital flight, prompting some politicians and economists call for a return of capital controls. (Reporting by Olzhas Auyezov; Editing by Jan Dahinten)