In Kazakhstan, is it possible that a single item will have three distinct prices?
In a recent development, the Vice-Premier of Kazakhstan, Serik Zhumanazarov, has expressed concerns about the growing consumer credit and demand, which he believes are exceeding the desired levels in relation to GDP growth. The issue of transparency in pricing, particularly in stores selling consumer goods on installment or with credit products, has also been brought to the forefront.
Currently, 'dual pricing' or separate price tags for the same product is prohibited by Kazakhstani legislation. However, there seems to be a grey area when it comes to differentiating prices based on payment methods such as cash, installment, or credit. Despite extensive research, no direct legal citation or update could be found regarding the legality of having separate price tags for these different payment methods.
The vice-premier has emphasized the importance of transparency and consumer awareness, stating that stores selling consumer goods on installment through banks, or with credit products, should clearly indicate what the price consists of. This is aimed at ensuring that all buyers are aware of the actual cost of goods when buying on installment or credit.
The head of the National Bank, Timur Suleimenov, previously discussed the idea of separating price tags in stores in July. This discussion arose due to a 30% decrease in non-cash payments after restrictions on mobile transfers, leading to people "rushing for cash."
Zhumanazarov clarified that the government's aim is for buyers to understand how much they're overpaying with installments or credit, and to make informed decisions. Installment plans themselves are not a problematic issue, according to the vice-premier.
However, no decision has been made yet on whether to introduce separate price tags for goods bought on installment, in credit, and for cash in Kazakhstan. The discussion is ongoing, with the main goal being to ensure fair trading practices and consumer protection.
It is crucial for retailers to ensure transparency to avoid any allegations of unfair trading or discrimination. For precise and up-to-date confirmation about such pricing practices, it is recommended to consult Kazakhstan’s current consumer protection legislation or official government sources.
- Given the ongoing discussion about transparency in pricing, particularly for consumer goods bought on installment or credit, the Vice-Premier of Kazakhstan, Serik Zhumanazarov, has emphasized the need for retailers to clearly indicate what the price consists of, aiming to ensure that all buyers are aware of the actual cost of goods when buying on such payment methods.
- In relation to the ongoing debate about separate price tags for goods bought on installment, in credit, and for cash in Kazakhstan, the importance of fair trading practices and consumer protection is paramount, as indicated by the vice-premier, who has clarified that the aim is for buyers to understand how much they're overpaying with installments or credit, and to make informed decisions.
