Across Kazakhstan, businesses hike prices around 20%

    By Rosa Yesenkilova and Assemgul Kassenova
    Big stores are changing prices on their imported goods amid the devaluation of tenge in Kazakhstan, Tengrinews reports.
    The National Bank announced yesterday that starting from February 11, it would set the new exchange rate at 185 tenge per dollar(up from 155 tenge for $1).
    The Astana Motors' Public Relations Department explained they were recalculating the prices for their cars.
    "We have not closed any of our showrooms. But we are changing prices based on the currency rate. Our prices are in tenge, so we have to recalculate," they explained.
    Large home appliances stores selling TV sets, microwaves, computes and etc. are also adjusting their prices to the new exchange rate.
    "Yes, we have already reopened our stores. The prices have been increased by nearly 20%. But our online stores have not resume operating yet," a representative of TechnoDom Almaty commented.
    The large compute shop network- Bely Veter (White Wind) - suspended sales to set new prices, but then reopened.
    The Mechta (Dream) network of home appliances closed down and did not specify when they would reopen.
    In the meanwhile Magnum, a large network of grocery stores, said it would close its doors until February 14 to change prices.
    Many Kazakhstan’s still recall when prices spiraled out of control and inflation added a new zero every day following the collapse of the Soviet Union. After the rate was announced many hurried to buy food and other goods, anticipating the worst.
    People also started besieging ATMs to withdraw cash until the machines ran empty.
    A woman came with her husband to the Mechta store in the morning and left with a vacuum cleaner, multi-cooker and a TVset in hand, one of the buyers told Tengrinews. "The cashier was changing the old prices to new ones right as we were choosing stuff to buy. We insisted we had the right to buy the things we selected at the old prices. And now the shops have closed and are selling nothing," she explained, www.tengrinews.kz reports.