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National Fund should provide $5.4 billion to compensate tenge devaluation in Kazakhstan: KazPotrebNadzor

25 февраля 2014, 15:26
Illustration of Tengrinews.kz
Illustration of Tengrinews.kz
KazPotrebNadzor believes that the National Fund of Kazakhstan should provide $5.4 billion to support the Kazakhstan economy after the recent tenge devaluation by nearly 20%, Tengrinews reports.

KazPotrebNadzor is a Kazakhstan agency dealing with consumer and taxpayers' rights protection. The National Fund, is Kazakhstan's stabilisation fund that accumulates windfall profits from oil and out sources.

The one step devaluation of the national currency against the U.S. dollar took place on February 11, 2014 -- the exchange rate increased from 155 tenge to 185 tenge for $1.

The organization believes that $5.4 billion should be used to compensate pension savings stored at the Single Pension Savings Fund and introduce utilities benefits for capable residents without permanent income.

However, the agency is not propensity to compensate losses to all the pensioners, but only to those in the risk group: "The compensation should be calculated based on the national currency devaluation (20%) for the pension savings not exceeding 3 million tenge ($16.3 thousand) at the time of the devaluation."

"We offer to audit the staff numbers and structure of public bodies and national companies to optimize the budget expenses. But unlike all the previous optimisation, the axing should be effected against managerial staff, because this part of the staff keeps growing where as the number of employees of regular rank is axed. Key exporters of energy resources should be brought to participate in large-scale social projects aimed at employment, healthcare and education. The among of funding for the projects from these companies should be based on the amount of profit they generate," the message says.

Kazakhstan devalued its currency by nearly 20% in one step in February 11, which caused a raise in prices of food, home appliances and cars by 20-30%.

The national currency devaluation was also followed by an campaign that undermined three large Kazakhstan banks -- CenterCredit, Kaspi and Alliance. Messages of unclear origin were being set to people urging them to withdraw their deposit from the bank, because the banks would allegedly go under. None of the banks failed under the attack, but they suffered massive damages anyway.

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