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A Glimpse Of The Devaluation Endgame: Kazakhstan Runs Out Of Dollars And Euros To Sell
Late last month, Kazakhstan stormed onto the radar screens of market participants who might have been previously unaware that the country existed after central bank governor Kairat Kelimbetov moved the tenge to a free float overnight, triggering a 20%+ devaluation and serving notice that China’s new FX regime was set to have far-reaching consequences across emerging economies already hard hit by plunging commodity prices.
In addition to plunging crude, Kazakhstan’s situation was complicated by the tenge’s relative strength vis-a-vis the Russian ruble. The attendant loss of export competitiveness was crippling the country and long story short, REER appreciation was no longer tolerable.
After rebounding briefly at the end of August, the tenge resumed its plunge earlier this month and as of Wednesday, had fallen 9 straight days for its worst losing streak in more than two years and may well weaken further to around 350 on the dollar (although one might suggest that would be an overshoot).
It’s against that backdrop that we bring you the following from Interfax (Google translated) which reports that dollars and euros are now hard to come by in Kazakhstan:
Exchange offices Almaty and Astana have suspended the sale of US dollars and euros due to the shortage of currencies.
"Dollar selling rate is 297 tenge, but at the moment there is no stock of dollars, as well as the euro," - said the agency "Interfax" on Wednesday in a network exchange points "MIG".
At another point he noted that the currency is not for several days. "A couple of days there is no currency. Only buy dollars and euros, in the tenge no changes, so there is no currency", - said in the exchange office.
The interviewee noted that the growing demand for the currency. "People go, constantly ask dollars or euros.
Over the past two days, people who want to buy the currency, it was more than it was last week," - explained in one of Almaty exchangers.
A similar situation is observed in Astana. "US has not yet sell, call in the afternoon," - told in one of the capital exchangers.
Capital controls? An effort to protect FX reserves? You decide.
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They have money? I thought they just traded goats and stuff
Why don't they just export some potassium...
Nice!
There has been some serious deleting of comments on ZH lately...
Folks its only a matter of time on this zioweb that they will stiffle your voice by showing your comment only to you and not any others and giving you some bogus random up or down arrows. Only comments deemed appropriate will be shown to all. That way you will be fooled into thinking you have a voice.
Hey what happened to COSMOS comment? It was just here. Or else I'm senile.
Spooky.
Woe the day your comment will ring true. Many were called paranoid only to have some whistleblower later show it to be true.
But at six years plus running you seem to have a penchant for survival my cougar friend. You must be a vegetarian cat ;)
That's superficial whistleblowing and throws away a perfectly good piece of intel: which posts are they spoofing for users and which ones don't they bother with.
THAT's way more interesting than the fact that they do at all. What they really hate is follow-on Hasbara taunts because that means manual intervention or unmasking - it's all kind of automated otherwise.
Easy enough to demonstrate (to yourself, anyway) - use a proxy and different ID. They had the archives messed up for a while - I haven't checked whether they 'fixed' that or not.
Well I could be considered Hasbara and other than very very high traffic days I have been untouched.
Seriously? Grab your little desktop Israeli flag and wave it over your cube - I'll look down the aisle and see if I can pick you out.
I'm way in the corner by the fake ficus. I'm the guy in the cube with the big CBU-97 demo bomb hanging from the ceiling. Well, it's an actual live, fused bomb, but don't tell the supervisor.
Wish you would repost. I (and am sure others) would be keen to see what was removed.
I'd be careful to avoid premature detonation. It happens. I have a vacation day that day. I'm taking it.
Seriously? Grab your little desktop Israeli flag and wave it over your cube - I'll look down the aisle and see if I can pick you out.
Hate is such wasted energy. It clouds the mind. Which is why the NWO encourages it.
My consideration is this: given the choice between Islam and the Jews - I'll take the Jews.
Thieves or barbarians? I know. Tough choice.
nothing like a good stiffling to wake a man's inner beast, eh?
Maybe a lack of trust in the Khazakstan government would be the reason the population doesnt want the local currency....hmmm and look another shithole country with a deficit budget....I guess they like to print their way to a balance.
https://www.google.com/webhp?sourceid=chrome-instant&rlz=1C1EODB_enUS535...
Even better reasons not to trust the Khazakstan government....
https://www.google.com/webhp?sourceid=chrome-instant&rlz=1C1EODB_enUS535...
Dollars and Euros are just the least ugly girl at the dance.
Kazakhstan is somewhere on the edge of financial annihilation followed by a US Kazak Spring thing or Russian invasion - it's a toss-up at this point.
The U.S. has been nosing around there for years as part of the Russia encirclement strategy. The Kazakhs were trying to move away from Russian influence, but are too tightly bound economically. Anyone enthusiastic about a planned U.S. Kazakh Spring sort of gave up that dream after they saw the success the U.S. had in Ukraine. They have oil or pipelines or something ZATO wants - I haven't been keeping up.
Sanctions on Russian and the general downturn in the economies of both nations have hit Kazakhstan hard. They were expecting the U.S. to airlift in bags of USD for bribes and aid, but the U.S. has pulled back. Not sure if the U.S. has given up, or if they just plan on letting Kazakhstan go under financially and then making a move during the ensuing food riots and civil war.
Coincidentally, the Russian armed forces are finishing up their summer training with a massive military exercise called Center-2015 in their Central Military District. There are 100,000 Russian troops participating and they have plenty of Tochka-U batteries on the southern border. If Kazakhstan is on the brink of defaulting, they may call for Putin to send troops rather than depend on Nuland's Kazakh Spring of Death to show up. Maybe both.
It's all very confusing - the Western media is UNUSUALLY silent about the precarious situation there. One can only assume it's because ZATO has some hand in the cause or an even bigger stake in the outcome. Putin is watching very closely, too. WWIII actually has a good chance of starting there instead of somewhere else.
Hey... stop blocking my post, you Hasbara dickheads!
Just kidding. You guys are my favorite.
Will someone please tell the sheeple what gold and silver is! We cannot have them running around for other types of Fiat!
ok, test, israel has no choice but attack iran.
the treaty, and un palestinian vote, and russia sending s-300's soon to iran, and irans mouth, all force israel to act.
The world will lose billions of people in the next war, starvation will do a good part of that, new ground zero tower will come down, the position of us president will be eliminated after Obama the AC, and food stamp program will go down thereby destroying food distribution in the pillaging that will follow, as there is no plan b. This and more will be brought to you by the elites.
Cosmos - A completely harmless comment I made, as well as the 2 others directly above, disappeared earlier today. I just thought it was a database glitch of some sort.
The real test though will be whether your account gets stiffed, and you're banished to the ether with Francis Sawyer and Tony Wilson...
dup
ZH has become so bogged down with adware that 2 of my computers can't handle it (older Macs.)
It will be this and not a conspiracy to silence that kills ZH.
Adblocker doesn't work for you?
I was replying to a comment that seemed totally innocuous No Zio love. No Zio hate. No Islamo love. No Islamo hate. Nothing. And ZH informed me that it no longer existed.
Sometimes it is commenting volume that does that. Or it could be something else.
I logged in just to upvote your comment.
By the way tylers, do you have any plan B if they shut down your server?
There has been some serious deleting of comments on ZH lately...
Ditto Cosmo.
I'm really glad you brought this subject up.
I think since "ABC's involvement" we've been witnessing some activity that has me calling into question how free and open the exchanges that use to take place here are now!...
ABC's involvement? What is that?
It's comment is its usual BS level any way. We've both been here a LOT longer than it has and know what's 'normal' in past times. I've seen no reduction in free-wheeling conversation without moderation or even intervention. The only thing that has changed is there is more dull-headed commentary by morons, and the level of tedious repetitive annoying race taunts has dropped off. It certainly has not stopped though. And really, nor should it, as it's a part of the conversation. All that is being quashed in hate-ism and threats of collective prejudice and inciting violent 'racial' action, as far as I can see. We do have different cultures and religions, but there is only a human race. It's just that each part of our unitary 'race', or rather, SPECIES, there is no such thing as 'race' at all 'Race' implies 'racing' i.e. competition levels vary between variants of humanity. We all have particular variant traits that others may object to, or hate about us.
I have no problem with there being less of the icky hate crap to wade through though.
Ahem..."Very nice!"
The quality and craftmanship of Khazakhstan Silver and Gold coinage is exquisite.
http://www.ebay.com/sch/i.html?_from=R40&_trksid=p2047675.m570.l1313.TR0...
Those do look nice.
So people are going around asking for other worthless fiat instead of gold or silver coins. You cant fix stupid.
Maybe folks should go back to farming, then they wont need fiat. They will be growing their own food and can barter or use gold and silver.
But that would mean no central banks and where will all the self chosenites work then????
how would the banks get their billions in bounced check fees? Goats don't bounce. How will they get their trillions in credit card fees? Compounding chickens and eggs is a lot of work.
My goats bounce. Over the fence, through the fence, onto my front porch, into my neighbor's garden. But I always get them back. And my boy Foghorn Leghorn does my compounding for me.
Maybe folks should go back to farming, then they wont need fiat.
A little late for that this year.
The day there are no central banks is the day our overlords' rule ends. So there will always be central banks.
.
I like the Caracal.
They don't make very nice pets, however.
Interesting place. They have coins honoring Attila the Hun, and the Khazakh space program -- you know, the one we outsourced to them via Russia?
I take it back. Their money looks really cool
She is my sister. She is number four prostitute in all of Kazakhstan.
I doubt that they paid Bill Clinton for his speech in goats. He already has one for a wife.
Buh-BOOM!
I get a Kazakhstan TV channel via FTA Satellite. It may be propaganda, but from what I've seen on the TV, the country seems to have some very high tech stuff going on.
Kazakhstan, together with Belarus, are two post-Soviet countries, which have always remained very close to Russia. I don't see any reason for them to get away from Russia. If you ask Kazakhs, most of them love Putin even more than some Russians. Ordinary Kazakhs are not a Western culture and so they do not feel any inclination or desire to be part of the West. Besides, Russia has really been helping them out in many ways in effort to keep them close. For example, Russians recently put first Kazakh cosmonauts in space, so that Kazakhs have something to be proud of. They are now being taught by Russia to produce some high tech stuff on their own. They have only to gain by keeping close to Russia.
I can see how little Western people know about Russia, the "Russian World (Civilisation)" etc. Most citizens of the Soviet Union did NOT want the collapse of the Soviet Union. And it had nothing to do with communism. It was their home and a large country, which protected them. We know what happens to unprotected countries like Iraq or Libya. The Soviet Union could have stayed in its geographical form even without communism as an ideology (but that is not what the Western puppets wanted). No wonder that Russians recently voted for Gorbachov to be the worst leader of all times.
All those countries who strayed away from Russia have gradually been destroyed by the anglo-zionist West. Some more than others. That is why some of them, like Kyrgyzstan are now closing USA military bases, withdrawing from agreements with the USA and voluntarily running back under the protection of "Mother Russia".
I have seen many nice artistic performance in Kazakhstan or Russia, which included some type of an emotional song sang by both Russians and Kazakhs about how: "Russia and Kazakhstan are brothers forever."
https://www.youtube.com/watch?v=Y_ALQtI6mgo&spfreload=10
Sounds like a nice place to ex-pat to.
Get worry when theres no silver to buy.
i like nice
https://www.youtube.com/watch?v=woQLVZ7ZCFU
That is the fucking travesty as the Fed and the ECB can print fiat at will.
They can print Kazakhstan's GDP in a nanosecomd.
Or starve them at will. It is a ruinous construct with unequaled power, held in the hands of psychopathic plantation owners.
You gotta jump down, spin around, pick a bale of cotton
Jump down, spin around, pick a bale a day.
Suck on greasy coins.
There are plenty of dollars and euros in Khazkhstan, just go the nearest whorehouse, pay the black market rate, and get the (real) cotton linen blend version. A lack digital 0's and 1's at the Central Bank is the Bank's problem.
Great success!
Just open a trading account and convert currency digitally.
I know digital money is evil but in their case, they should have made a shitload just by doing so even if stocks in the US and EU go down.
A 300% inflation would have made up every loss.
Everything involves a shitload with you, don't you eat real food once in a while or is it just chocolate, cocaine and ciggies till the bitter end?
And coochie, don't for get the coochie. A growing boy needs a complete diet. Especially at the bitter end.
"Dollars"??
Gold, twits! GOLD.
"Hey Kazzak - how many US dollars you want - it's only key strokes?"
J. Yellen, Chair FED
You mean to tell me that the Kazakhstan central bank governor is named Kairat Kelimbetov? I wonder if he is related to Khloe, Kourtney, and Kim Kardashian? That would be Kewel.
means they are not selling, only buying....
They should just switch now to Yuan or Rubles as their giant neighbors are also doing away with the US dollar!
And fuck the EU!
The trouble is - as little as the dollar is trusted the yuan and ruble are trusted less.
So the ruble is strengthening from all the demand? Musta missed it. And the yuan? What ever the PBoC declares it is. Until it isn't.
Kazakhstan has already been buying a lot of gold (for dollars), do not forget that they are a Russian ally - they do, what Russia does.
http://www.bloomberg.com/news/articles/2015-04-25/kazakhstan-adds-to-gol...
Why don't they just print some Americazn dollars? Call Kim in NK and borrow his printing plates.
Jewish Golden Age part deux http://www.jewishhistory.org/golden-age-in-spain/
When Muslims move in Jews get richer and more powerful, revenues rise expenses cut, Muslims are good for business when the business is growing and controlling humans.