Central Asia Battered by Currency Turmoil

Market traders throughout Central Asian countries, such as these selling imported shoes and bathing suits in Cholpon Ata on Kyrgyzstan’s lake Issy Kul, are having difficulty selling goods they bought for euros or dollars because domestic currency drops are forcing prices for goods to jump by 30 to 50 percent. In just one month, Kazakhstan’s tenge has lost 50 percent against the dollar, and the Kyrgyz som has lost 30 percent in the past year. (Photo: Dean C.K. Cox)

Authorities in Kazakhstan have burned through $414 million over two days in an effort to halt the slide of the country’s currency, the tenge, which broke the psychologically important barrier of 300 to the dollar on September 16.

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Joanna Lillis is a freelance writer who specializes in Central Asia. Anna Lelik is a Bishkek-based reporter.

Central Asia Battered by Currency Turmoil

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