Kazakhstan: Announced 25% devaluation of the national currency.
Description
In the beginning of February 2009, as an anti-crisis measure, the Kazakh Government announced a 25% devaluation of the national currency (the tenge). The President of the Republic of Kazakhstan emphasized that this anti-crisis measure was very painful, but was necessary to protect the domestic producers. It was argued that Russia, China and Ukraine had already devalued their currencies and that is why Kazakh industries were not able to compete with producers from those countries.
The government announced a new band for the national currency: 150 tenge to the US dollar plus or minus 3%.
Any Evidence-Based Deliberation:
| Question | Result |
|---|---|
| Is there anything in the public record to suggest that evidence of the effectiveness of the proposed measure was considered during official deliberations? | Yes |
| Is there any evidence that alternatives to the proposed measure were considered? | Don't Know |
| Is there anything in the public record that suggests that empirical evidence informed the comparison across the alternatives available to government? | Don't Know |
| Was such evidence identified? | Don't Know |
| Is such evidence publicly available? | Don't Know |
| Did the official decision-maker in question provide an explanation as to why a chosen measure was favoured over alternatives? | Yes |
| Is there any evidence to suggest that potentially affected trading partners were consulted before the measures were taken? | Don't Know |
| Is there any evidence that safeguards have been put in place to ensure that implementation of the initiative is transparent and non-discriminatory? | Don't Know |
| Did the government state its intention to review the measure within one year of implementation? | Don't Know |
Date Discovered:
Implemented: Yes
Date of inception: 6 Feb 2009
GTA Evaluation: Red
Measure taken in Retaliation: Yes
Internal link:
External link:
Source:
Please, see the speech of the Kazakh President Nursultan Nazarbaev < http://www.akorda.kz/www/www_akorda_kz.nsf/004e7184b5a94c8f462571ea0014b... >
Government Response:
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