WRITE for ATol ADVERTISE MEDIA KIT GET ATol BY EMAIL ABOUT ATol CONTACT US
Asia Time Online - Daily News
             
Asia Times Chinese
AT Chinese




    Central Asia
     Feb 26, '14


Kazakh devaluation sparks social action
By Dauren Altynov

Analysts say that recent protests over Kazakhstan's surprise devaluation of its currency signal a fresh interest in social action among younger people.

The demonstrations which followed the devaluation announcement on February 11 were small and were quickly dealt with by the


authorities. Much of the anger was focused on President Nursultan Nazarbaev personally.

The devaluation shifted the exchange rate, previously pegged at 145 to 155 tenge to the US dollar, to 185 tenge to the dollar. This represents a loss in value of about one-fifth.

According to Kairat Kelimbetov, the head of the National Bank, it was no longer possible to prop up the tenge's value by depleting the country's gold and currency reserves as the Russian rouble, a key trading currency for Kazakhstan, weakened. Russia has been managing its own depreciation in a gradual manner since October 2013.

Kazakh officials insisted that the move would strengthen the economy and help local businesses.

More ...

Dauren Altynov is a pseudonym for an IWPR-trained journalist in Kazakstan.








Migrants feel pinch of Kazakh devaluation
Feb 24, '14



 

 
 



All material on this website is copyright and may not be republished in any form without written permission.
Copyright 1999 - 2014 Asia Times Online (Holdings), Ltd.
Head Office: Unit B, 16/F, Li Dong Building, No. 9 Li Yuen Street East, Central, Hong Kong
Thailand Bureau: 11/13 Petchkasem Road, Hua Hin, Prachuab Kirikhan, Thailand 77110