A romantic story of Mr.Nur and oil
This move was preceded by the government acquiring the two leading banks and taking over 25% stake in two other NBFCs. There are fears among analysts that within the next year, tenge will further devaluate to $186.315.
Critically, their credit default swap is rising with higher risk of debt default. In the London Stock Exchange, the stocks of Kazakhstan’s mining firms plummeted with devaluation of its currency. As a consequence of plunging oil prices, the government is readjusting its fiscal assumptions on revenue earned from oil at $40 per barrel for 2009, and $50 per barrel for 2010 and 2011. To his credit, Kazakhstan’s fiscal and monetary reserve lies at a huge 42% of GDP, and is quite handsome compared to neighbouring countries. But with public debt at 9% of GDP, and the banking sector on the brink of a gargantuan collapse (despite the government’s $4 billion injection into the system), it must be with a lot of pain Mr.Nur must be realising that the oil mistress has almost but run away. If reports go right, then Nur may soon have to approach the IMF for a bailout package. Ah, with the IMF would come the loaded baggage of the US, and with the US, capitalism and democracy (yes, we’re laughing).
Critically, their credit default swap is rising with higher risk of debt default. In the London Stock Exchange, the stocks of Kazakhstan’s mining firms plummeted with devaluation of its currency. As a consequence of plunging oil prices, the government is readjusting its fiscal assumptions on revenue earned from oil at $40 per barrel for 2009, and $50 per barrel for 2010 and 2011. To his credit, Kazakhstan’s fiscal and monetary reserve lies at a huge 42% of GDP, and is quite handsome compared to neighbouring countries. But with public debt at 9% of GDP, and the banking sector on the brink of a gargantuan collapse (despite the government’s $4 billion injection into the system), it must be with a lot of pain Mr.Nur must be realising that the oil mistress has almost but run away. If reports go right, then Nur may soon have to approach the IMF for a bailout package. Ah, with the IMF would come the loaded baggage of the US, and with the US, capitalism and democracy (yes, we’re laughing).
Source : IIPM Editorial, 2012.
An Initiative of IIPM, Malay Chaudhuri
and Arindam Chaudhuri (Renowned Management Guru and Economist).
and Arindam Chaudhuri (Renowned Management Guru and Economist).
For More IIPM Info, Visit below mentioned IIPM articles.
Zee Business Best B-School Survey 2012
Prof. Arindam Chaudhuri’s Session at IMA Indore
IIPM IN FINANCIAL TIMES, UK. FEATURE OF THE WEEK
IIPM strong hold on Placement : 10000 Students Placed in last 5 year
IIPM’s Management Consulting Arm-Planman Consulting
Professor Arindam Chaudhuri - A Man For The Society….
IIPM: Indian Institute of Planning and Management
IIPM makes business education truly global
Management Guru Arindam Chaudhuri
Rajita Chaudhuri-The New Age Woman
IIPM B-School Facebook Page
IIPM Global Exposure
IIPM Best B School India
IIPM B-School Detail
IIPM Links
IIPM : The B-School with a Human FaceProf. Arindam Chaudhuri’s Session at IMA Indore
IIPM IN FINANCIAL TIMES, UK. FEATURE OF THE WEEK
IIPM strong hold on Placement : 10000 Students Placed in last 5 year
IIPM’s Management Consulting Arm-Planman Consulting
Professor Arindam Chaudhuri - A Man For The Society….
IIPM: Indian Institute of Planning and Management
IIPM makes business education truly global
Management Guru Arindam Chaudhuri
Rajita Chaudhuri-The New Age Woman
IIPM B-School Facebook Page
IIPM Global Exposure
IIPM Best B School India
IIPM B-School Detail
IIPM Links
