Tag Archives: society

Rumours of bankruptcy dent Kazakh banks’ reputation

FEB. 18 2014 (The Conway Bulletin) — Betraying ordinary Kazakh’s nervousness and distrust after the devaluation of the tenge on Feb. 11 by 20%, rumours of a banking collapse spread fast via SMS and triggered a run on several banks.

The banks — Bank Tsenter Kredit, Alliance Bank and Kaspii Bank — all denied that they were in danger of collapsing.

At branches of Kaspii Bank, though, hundreds of people still queued throughout Feb. 18 and Feb. 19 to withdraw their savings despite assurances from the Central Bank that there was no reason to panic.

Saltanat was one of roughly 100 people queuing to withdraw their savings from a Kaspii Bank branch in Almaty.

“They said there won’t be any problem, but why should I believe them?” he said. “They said nothing about the devaluation either. They’re not going to take our money away!”

Confidence in Kazakhstan’s banking sector and the tenge is low.

ENDS
Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 172, published on Feb. 19 2014)

Uzbek officials try to ban Valentine’s Day

FEB. 14 2014 (The Conway Bulletin) — Worried about the spread of Western aspirations, Uzbek officials once again tried to ban Valentine’s Day. The US-funded Radio Free Europe/Radio Liberty reported that, on the orders of the authorities, teachers at universities in Uzbekistan had asked students to sign a document saying they would not celebrate Valentine’s Day.

ENDS
Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 172, published on Feb. 19 2014)

Turkmen president pardons prisoners

FEB. 14 2014 (The Conway Bulletin) — Turkmenistan’s president Kurbangkuly Berdymukhamedov gave amnesty to 859 prisoners to mark State Flag Day. Mr Berdymukhamedov has used presidential amnesties to pardon hundreds of prisoners previously. Turkmenistan is considered one of the most repressive countries in the world.

ENDS
Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 172, published on Feb. 19 2014)

Businesses and consumers worry after Kazakh tenge devaluation

FEB. 15 2014 (The Conway Bulletin) — The sudden 20% devaluation of the Kazakh tenge on Feb. 11 generated anger and despair across Kazakhstan.

Police detained roughly 50 protesters in rare antigovernment demonstrations in Astana and Almaty and rumours of an imminent collapse triggered a run on several high street banks.

In central Almaty the manager of a store selling underwear could barely constrain herself. She had no customers and was angry.

“This devaluation is terrible and we don’t want it. In our store, prices will not increase, but the cost of living will surely soar,” she said.

At a clothing store in a busy shopping mall, Gaukhar shared this view.

“This could turn into a nightmare,” said the shop assistant. “While prices will undoubtedly increase, we haven’t heard a word from our directors to raise our wages.”

One of the big fears for Kazakhstan’s policy makers is that rather than making the economy more competitive, the devaluation will simply stoke inflation. Some large industries, including the steel plant owned by the Luxembourg-based ArcelorMittal has already said it will increase its workers’ salaries by 10%.

There were mixed signals in Almaty. Many shopkeepers said that they hadn’t yet put up their prices but that they soon would.

“There’s already been a significant change in prices of between 500 and 1,000 (tenge) per pair of shoes,” said Assel as she tendered to her shop in Almaty’s Green Bazaar. “We’ve seen a lower turnout of customers this past week. They come in, try on the shoes but then go out empty-handed.”

Assel’s shoes were imported mainly from China and an increase of 500 to 1,000 tenge per pair represented a rise of roughly 20%.

ENDS
Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 172, published on Feb. 19 2014)

Kazakh wins bronze medal at Winter Olympics

FEB. 14 2014 (The Conway Bulletin) — Figure-skater Denis Ten won Kazakhstan’s first medal of the 2014 Sochi Olympics. Mr Ten, 20 came third in the men’s short programme figure-skating. The medal is important to Kazakhstan which wants to host the 2022 Winter Olympics.

ENDS
Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 172, published on Feb. 19 2014)

Uzbekistan restricts religious freedom

FEB. 12 2014 (The Conway Bulletin) — A law specifically banning books and pamphlets that encourage people to switch religion came into force in Uzbekistan last month, the Forum 18 news service reported. The law, which was formalised on Jan. 27, also allows the authorities to confiscate Muslims’ literature when they return from a Hajj to Mecca.

ENDS
Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 172, published on Feb. 19 2014)

Azerbaijan showcases European Games

FEB. 8 2014 (The Conway Bulletin) — Azerbaijan intends to use the inaugural European Games in Baku next year to build its case to hold the 2024 Olympic Games, Azad Rahimov, the Azerbaijani sports minister told reporters at the Winter Olympics in Sochi. Azerbaijan has twice bid to host the Olympics. It failed to make the short-list on both occasions.

(News report from Issue No. 171, published on Feb. 12 2014)

ADB invests in Azerbaijan’s roads

FEB. 6 2014 (The Conway Bulletin) — Highlighting Azerbaijan’s poor infrastructure, the Asian Development Bank (ADB) pledged to lend $150m to build new roads. The loan is part of a multi-tranche plan by the ADB to boost the road network across the country. The total cost of the project is $625m with ADB funding $500 and the Azerbaijani government the other $125m

(News report from Issue No. 171, published on Feb. 12 2014)

Construction workers go on strike in Kazakhstan

FEB. 11 2014 (The Conway Bulletin) — Around 700 workers building the 88-storey Abu Dhabi Plaza in Astana went on strike after complaining about their pay, media reported. The Abu Dhabi Tower project was unveiled last year to much fanfare. UAE investors are funding the $1.6b tower which was expected to be finished by 2016.

(News report from Issue No. 171, published on Feb. 12 2014)

Apartment building explodes in Uzbekistan

FEB. 11 2014 (The Conway Bulletin) — A gas explosion in an apartment building in the town of Navoi in central Uzbekistan killed six people and injured seven, media reported. The deaths reflect the dilapidated state of Uzbekistan’s infrastructure. Media reported that residents had been trying to heat their apartments from their gas cookers.

(News report from Issue No. 171, published on Feb. 12 2014)