11 февраля 2014 20:46

Mayor of Almaty orders to keep prices down

Akim Akhmetzhan Esimov. Photo © Yaroslav Radlovsky

The Akim (Mayor) of Almaty Akhmetzhan Yesimov has instructed the city authorities to keep prices from hiking amid the devaluation of tenge, Tengrinews reports citing the press office of the Akimat (Municipal Authorities). Yesimov called all city authorities to tighten price control especially that of food and essential goods. The Mayor instructed them to apply all the legal tools and to cooperate with all the government agencies that can help keep the prices at bay. Vice Mayors Murat Kudyshev and Yerbolat Shormanov were charged with supervising the intervention. The panic was caused by the devaluation of tenge announced by the National Bank earlier today. The National Bank said it expected the exchange rate to land at around 185 tenge per dollar. Before the announcement the rate was at 155 per dollar. Despite the National Bank expectations, many bank of Kazakh banks and currency exchange offices have been keeping the currency rate at as high as 200 tenge per dollar since the announcement. Large stores in Kazakhstan have already changed prices on their imported goods amid the devaluation of tenge in the country.

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