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Western analysts of The Banker are wondering whether it is time to invite Kazakhstan to join the BRICs economic union, Tengrinews reports.
Western analysts of The Banker are wondering whether it is time to invite Kazakhstan to join the BRICs economic union, Tengrinews reports.
Kazakhstan has close ties with three of the four countries in the union – with Russia, India and China (Brazil is the fourth one) and borders on two of them – Russia and China. Hence, it makes sense to invite the Central Asian country into the alliance, the magazine says: all successes of the organization will positively affect Kazakhstan and the other way around.
Russia and China are the largest trade partners of Kazakhstan. In addition, the two have put significant investments into Kazakhstan’s economy. This, however, means that integration may lead to the shocks experienced in these countries having a stronger effect on the Central Asian economy.
The magazine notes that growth in China is slowing down and Russia has been hit by Western sanctions. In addition, oil prices are falling. Moreover, the depreciating ruble might put additional pressure on Kazakhstan's national currency - the tenge, which is de facto pegged to a multi-currency basket.
In turn, the head of the National Bank of Kazakhstan Kairat Kelimbetov told the publication that investors were now making a clear distinction between Russia and Kazakhstan. He emphasised that Russia was hit by sanctions, whereas Kazakhstan was not. Furthermore, Kazakhstan had not lost access to the international capital markets when Russia had.
Still Kelimbetov added that the country needed to reform and restore order in the banking sector, so that its economy could withstand the negative developments that may arise in the countries of BRIC.
By Dinara Urazova
