Kazakhstan to face West vs Russia sanctions with investments: Kelimbetov

01 октября 2014, 23:59
Kairat Kelimbetov ©Yaroslav Radlovsky
Kairat Kelimbetov ©Yaroslav Radlovsky

In response to the reciprocation of sanctions by the West and Russia, Kazakhstan may introduce a policy of massive investments.

Governor of the National Bank of Kazakhstan Kairat Kelimbetov shared the plans in an interview to Russia 24 TV channel. A reporter asked him how Kazakhstan was going to handle the sanction wars of the West and Russia that are damaging the Kazakh economy.

Kelimbetov answered that Russia was Kazakhstan’s largest trade partner, whose imports to Kazakhstan exceeded 36% of the Central Asian country's imported total.

The Governor said that high oil prices and availability of significant gold and currency reserves should help the Russian central bank deal with further depreciation of the ruble.

But added that should the economic situation deteriorate, Kazakhstan would interfere with its reserves to tackle the consequences to its economy.

"We have the reserves. The government reserves exceed $76 billion. What we have in mind as a possible response to worsening of the economic situation around us is countercyclical economic policies, i.e. significant investments into the Kazakh economy, for example into development of infrastructure," the head of the National Bank said.

He added that Kazakhstan’s gold and currency reserves exceeded $100 billion, which in relative terms was more than what the Russians had. “This is our safety bag," Kelimbetov said. 

Writing by Dinara Urazova, editing by Tatyana Kuzmina

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