Atyrau. When Kazakh President Nursultan Nazarbaev said on October 19 that a "real crisis is coming" to his country, it must have sent chills down the spines of Kazakhstan's people.
Many people in Kazakhstan are already in a crisis situation and for more than a year they have been listening to government officials downplay the severity of the economic problems, only to learn later that those problems were worse than they had been led to believe. And now the president says the "real" trouble is about to begin. RFE/RL's Kazakh Service, known locally as Azattyq, has been reporting regularly on the worsening economic situation in Kazakhstan.
On October 20, Azattyq reported on Anar, a schoolteacher, who together with her husband, a driver in Almaty, is raising six children on a combined monthly budget of some 100,000 tenge. "Our income is barely enough for daily meals, not to mention school supplies or clothing," Anar told Azattyq. Less than two years ago, 100,000 tenge per month would have been an adequate amount of money, somewhere around $650. The government devalued the tenge to about 180 to $1 in February 2014. At the time the government promised there would be no second devaluation.
However, Kazakhstan's economy is dependent on oil exports. The falling price of oil hit Kazakhstan hard but Russia, one of Kazakhstan's leading trade partners, allowed its currency, the ruble, to fall and this also put strains on the tenge. Kazakhstan's government fended off the pressure on the tenge by staging currency interventions.
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INC News,24/10/2015
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