Currencies in Central Asia and the Caucasus remain on shaky ground as a poisonous mix of falling commodity prices and economic slowdowns in major trading partners is proving contagious for the whole region.
Georgia's central bank devalued the lari twice on August 25. The move invited criticism of the central bank from the ruling party, while the opposition blamed the government’s incompetence for the instability of the lari.
CEE stock markets found some support in early trade on August 25, but sentiment remains fragile and the three largest stock markets in the region – Russia, Turkey and Poland – are all in bear territory.
In a further sign of Kyrgyzstan’s descent from democracy to autocracy, the authorities have launched an attack on Vecherniy Bishkek using dubious commercial disputes in an attempt to seize control of the paper.