The decision by the central bank of Kazakhstan to let the tenge float freely might prompt similar action by others in the region, the analysts warn.

Although the oil and mining companies welcomed the move, it dismayed ordinary Kazakhstanis, Reuters writes quoting the analysts.

Demetrios Efstathiou, head of CEEMEA Strategy at ICBC Standard Bank in London, said the manat of Azerbaijan might be the next domino to drop, the agency said.

 “A (Brent) oil price in the mid-$30s may change the situation (again) however,” he said.

As to Armenia, Efstathiou believes the country could let its dram currency lose 10-15 percent in the next three to four months.