By  on April 4, 2018

Roughly two years after the last currency depreciation, the retail sector is finally rebounding in Kazakhstan, inspiring optimism among the mall operators in this Central Asian nation.

Since 2009, the country’s economy has been on a rollercoaster. The oil-rich nation found itself affected by the 2008 economic crisis, which led to the first currency depreciation when the Kazakh tenge — at about 150 tenge to a U.S. dollar — was devalued to 180 tenge. Then in 2014, due to the tumbling prices of crude oil and oil-adjacent products, Kazakhstan — where these products make up roughly two-thirds of GDP — suffered yet another currency depreciation, and then another in 2015.

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