Kazakhstan Currency

SPECIAL CIRCUMSTANCES: Kazakhstan remains largely a cash economy. Traveler's checks and credit cards are not widely accepted, except at large hotels and restaurants catering to international visitors. U.S. dollars can easily be exchanged for the local currency (Tenge) at local and authorized currency exchanges, but all denominations of U.S. currency except $1 bills must be new series (large portraits) and all must have been issued after 1995 and be in good condition (not worn or torn and without any writing or marks). ... [Read More]

Kazakhstan (04/05)

Kazakhstan's monetary policy has been well managed. Its principal challenges in 2002 were to manage strong foreign currency inflows without sparking inflation. In 2003 inflation did not remain under control, registering at 6.8% instead of forecast level of 5.3%-6.0%. In 2002 inflation was 6.6%, compared to 6.4% in 2001. Because of its strong macroeconomic performance and financial health, Kazakhstan became the first former Soviet republic to repay all of its debt to the International Monetary Fund (IMF) in 2000, 7 years ahead of schedule. In March 2002, the U.S. Department of Commerce graduated Kazakhstan to market economy status under U.S. trade law. The change in status recognized substantive market economy reforms in the areas of currency convertibility, wage rate determination, openness to foreign investment, and government control over the means of production and allocation of resources. ... [Read More]

Kazakhstan: Finishing the Transformation

The United States formally recognized this achievement when, in March of this year, it accorded Kazakhstan the status of a market economy, and these reforms yielded impressive results at home.Today Kazakhstan has a fully convertible currency, single-digit inflation, and a sound banking system.Foreign investment into Kazakhstan -- $12.5 billion between 1993 and 2000 -- has surged.Both trade and investment have diversified, with the United States now the largest investor in Kazakhstan and a growing partner in trade. ... [Read More]

Kazakhstan

The country undertook significant market-based economic reforms since independence: The Government privatized many businesses and industries, removed restrictions on currency convertibility, and allowed wage rates to be determined by market forces. The population was approximately 14.9 million. The economy was primarily driven by revenue from the country's vast energy and mineral resources. In June, the President signed a new Land Law allowing for private ownership. As of the second quarter, approximately 26.9 percent of the population lived below the minimum subsistence level, compared with 29.4 percent during the same period in 2002. Inflation was 6 percent, and the official unemployment rate was 8.2 percent during the year. Real GDP grew by 9.1 percent during the year. ... [Read More]

Kazakhstan

The Government took measures to harass two publications that were affiliated with one of the opposition parties.  In January 2000, a court in Ust-Kamenogorsk ordered the local HBC-Press newspaper to suspend publication for 3 months.  The court found, and an appeals court subsequently upheld, that the newspaper had violated the media law by publishing an article calling for the overthrow of the country's constitutional system.  The article in question contained a public appeal from the leader of a Russian nationalist group arrested in November 1999 for plotting to overthrow the local government in Ust-Kamenogorsk.  The newspaper had received a copy of the appeal at a news conference attended by other local media.  The editor of HBC-Press asserted that representatives of the KNB at the press conference did not warn journalists not to publish the press release.  HBC-Press went out of business without resuming publication after the court-ordered suspension. On ... [Read More]

Kazakhstan

The country undertook significant market-based economic reforms since independence: many businesses and industries were privatized, restrictions on currency convertibility removed, and wage rates were allowed to be determined by market forces. The population was approximately 14.8 million. The economy was mainly driven by revenue from the country's vast energy and mineral resources. Agriculture, which represented approximately 10 percent of gross domestic product (GDP), was slower to reform because the Government had not established a legal basis for private ownership of agricultural land. The average monthly wage in the second quarter of the year was $131. During the year, about 29.4 percent of the population lived below the minimum subsistence level, compared with 32 percent in 2001. Real GDP growth was estimated at 9.5 percent, while inflation was 6.6 percent during the year. The official unemployment rate was 8.3 percent. ... [Read More]

Kazakhstan

Rising oil prices in the second half of 1999 combined with the positive effects of an April 1999 decision to allow the currency to float helped the country to post GDP growth of 1.7 percent in 1999, after a 2.5 percent fall in GDP the previous year. GDP per capita also increased slightly to $1066 (127,000 tenge). Inflation, which initially spiked after the currency fell following the April 1999 decision to float the currency, has been under control and was 9.8 percent in 2000. Real GDP grew by 9.5 percent. ... [Read More]

Uzbekistan (07/05)

Inflation was approximately 21.9% in 2003. In order to combat inflation, the government has exercised strict currency controls and severe shortages of cash exist in the country. From 1996 until the spring of 2003, the official and so-called "commercial" exchange rates were highly overvalued. Many businesses and individuals were unable to buy dollars legally at these rates, so a widespread black market developed to meet hard currency demand. However, by mid-2003, the gap between the black market, official, and commercial rates had been reduced to approximately 8%. In 2004, the gap between the two rates was negligible. Although the unification of the exchange rates was a positive development, government restrictions in 2004 on the amount of local currency and hard currency that could be carried across the Uzbek border in either direction lessened the effect of currency convertibility on the Uzbek economy. Liberalization of the trade regime, however, is a prerequisite for Uzbekistan to pr ... [Read More]

US Department Of State Post Report

The only authorized means of shipment of an unloaded personal firearm to or from post is in your HHE.  The employee is responsible for obtaining any customs declarations and export forms that may be required by U.S. law.  Personal firearms cannot be sold or traded to host or third-country nationals, including members of other diplomatic missions.  However, such firearms may be sold or presented as gifts to other U.S. citizen members of the Mission with the prior written approval of the Chief of Mission.  For all required forms and details of the procedure, contact the RSO at Embassy Almaty. Currency, Banking, and Weights and MeasuresLast Updated:  3/31/2003 6:00 PM The Kazakhstani unit of currency is the tenge, which is divisible by 100. The rate of exchange is rel ... [Read More]

Central Asia: Developments and the Administration's Policy

The United States is helping Uzbekistan more effectively manage its water resources. Programs include establishment of water users associations, water-saving demonstration models for farmers, improved water district management, procurement of equipment needed to clean the canals and maintain the infrastructure, and providing potable water in Karakalpakstan near the Aral Sea. If we succeed, our program to use water more wisely in Uzbekistan will benefit the entire region in terms of agricultural output and job creation. Uzbekistan introduced currency convertibility in consultation with the IMF, announced a promising agricultural reform program that we want to support, and plans to replicate decentralized health care reforms that we hope to pilot test in three district in the Ferghana Valley. ... [Read More]