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European problems are no longer dominant: Marchenko

13 january 2012, 15:30
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Gregory Marchenko. Photo by Vladimir Dmitriyev©
Gregory Marchenko. Photo by Vladimir Dmitriyev©
European market problems do not dominate in the world anymore, Tengrinews.kz reports citing chairman of Kazakhstan National Bank Gregory Marchenko as saying when answering the question whether the situation in Kazakhstan will be stable in 2012, considering the problems at the world markets.

According to him, such scenario is possible, but it is not right to make decisions based on one scenario, as the situation can change quite quickly. Marchenko explained that one of the reasons behind high raw materials prices is that more than a half of oil demand comes from developing countries, while 20 percent of the global demand falls on Europe.

“That’s why European problems have certain significance, but do not dominate anymore. But if the situation in Europe deteriorates and the demand for goods made in India, China and Brazil lowers in Europe, the general demand for fuel may decrease as well. Theoretically, this will cause lowering of fuel prices at external markets,” Marchenko said.

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