The devaluation of
This event completely eclipsed all others, including the renaming of
Although there were rumors about the possibility of devaluation of tenge for a long time and they were intensified especially after the proposal to introduce a new
As a result, a number of exchange offices in the country were closed, while others took advantage of the panic among the population and began to change currency at an exorbitant rate, exceeding
However, all this is only a transient process, and the real changes it will bring to people and the economy as a whole will be visible only after its completion.
In general, experts share the opinion that any devaluation will lead to higher prices. In
Several officials of the country have already called for taking measures to curb the rising of prices, and the
Devaluation will also adversely affect individuals and companies paying interest on dollar loans, which are quite common in the country.
At the same time, the devaluation may give a certain impetus to the country's economic development.
In particular, the companies exporting products abroad will benefit from the decrease of the exchange rate of Kazakh currency.
"The devaluation of Kazakh currency will have positive impact on large national production companies the products of which are export oriented, such as
Additionally, as a result of increase of price difference between Kazakh and imported goods, the domestic producers will be more competitive.
Currently, there is concern in Kazakh society that may be the devaluation that occurred on
Elena Kosolapova Trend commentator
Translated by L.Z.
Edited by C.N.
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