ALMATY, February 19 (RIA Novosti) – Several dozen mortgage-holders in Kazakhstan staged a rally Wednesday outside the National Bank in the business capital, Almaty, to raise concerns over their loans following a sharp devaluation of the local currency.
Demonstrators called for a revision to the conditions of their loans, which were issued before the oil-rich Central Asian nation’s central bank decision last week to allow the tenge to slide by 19 percent against the dollar.
Police cordoned off the building in a preventative measure, as is typical in the former Soviet nation, where unauthorized rallies are typically dispersed with force. A National Bank representative told the crowd that a special commission would be set up to handle the mortgages issue.
Dozens picketed the National Bank in Almaty last week, a day after the devaluation decision was announced. Some 30 people were detained last weekend at a similar rally prompted by the devaluation.
The sudden devaluation of the tenge came on the heels of gradual weakening in the ruble, which Wednesday fell to its lowest level against the dollar since March 2009.
Currencies in a number of developing economies, including Russia, Turkey, Argentina and India, have seen a substantial drop in value amid fears of slowing growth and as an effect of US monetary policy to restrict the amount of dollars in circulation.
