Category Archives: Business

Kazakhstan Passes Polemic Labor Code

Almaty recently announced the implementation of a revised labor code. The controversial code is rife with regulations that harm ordinary workers, leading many analysts to dub it a “bill against the people.” Deliberation on a new labor code started in the latter half of 2015, sparking contention from the onset. The code was developed by [...]
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Kazakh Tenge Among Worst Performing Currencies in Europe

Market analytics group Forex Club announced this week that Kazakhstan’s tenge is among the least valuable currencies in Europe. While the Kazakh Central Bank blames the depreciation on falling oil prices, analysts say the situation is far more complex and point to systemic mismanagement. From 2014-2015, the tenge suffered a 124% devaluation in relation to [...]
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Azerbaijan’s Currency Lost Half its Value in a Day

On December 21, The Central Bank of Azerbaijan announced the transition to a floating exchange rate for the manat, causing the national currency to immediately drop by 48% against the dollar. With financial analysts at odds over the benefits of such an approach, the country’s residents are struggling to deal with the sudden shock. On [...]
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Tajik Authorities Blame Currency Dealers in Devaluation

Worried about a collapse of the somoni, Tajik authorities have decided to close all currency exchange points in the country and prohibit the activities of all foreign currency dealers. Analysts warn the policy will be counterproductive. The National Bank of Tajikistan said in a statement that private currency dealers are exchanging too many somoni banknotes [...]
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Eurasian Economic Union Closes Deal with Israel, China

The Eurasian Economic Union is expanding, and quickly. In early September, leaders of the five member states gathered in Kazakhstan’s Borovoe resort area to sign documents making Israel and China official partners to the trading bloc. The Union and Israel have signed an agreement authorizing the creation of a free trade zone. “Israel’s extremely developed [...]
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