ArcelorMittal Temirtau thinks that it’s too much to reduce wage with the devaluating tenge

The largest mining and metallurgical complex in Kazakhstan ArcelorMittal has postponed decision on reduction of wages by 25%. This was reported by the press centre of the company on Friday, which added that negotiations with trade unions were ongoing.

The reason was the introduction of a floating exchange rate of Kazakhstan tenge resulting in the fall of the country’s national currency by almost 30% for a day. The Kazakh authorities have announced a new monetary policy on August 20, explained that the introduction of the floating exchange rate would allow to fill the budget losses.

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