Kazakhstan employs traditional methods to combat crisis: Azerbaijani ambassador

Business Materials 10 February 2009 08:45 (UTC +04:00)
Kazakhstan employs traditional methods to combat crisis: Azerbaijani ambassador

Kazakhstan, Astana, Feb. 10/ Trend , K. Konirova/

Kazakhstan is employing traditional methods while implementing its anti-crisis program, Azerbaijani Ambassador to Kazakhstan Latif Gandilov told Trend . 

The diplomat said the move by the Kazakh National Bank not to support the rate of the tenge is appropriate.

"The market does not need administrative instruments to support the national currency alone. I think the bank's steps are appropriate. Everything will fall into place with time. The prices will reflect real expenses and create sound conditions allowing Kazakh goods to compete," Gandilov said.

He added that the government's measures to assist big banks are also reasonable.

"These are traditional methods used to combat the crisis. The government renders financial support to big market players, including banks. But when the crisis is over, they will be privatized again," Gandilov said.

He said Kazakhstan is taking complex measures on the backdrop of the crisis.

"The crisis is a passing phenomenon. It is usually followed by revival and development. The Kazakh government's anti-crisis program has set clear goals and ways to achieve them," Gandilov said.

"I am sure the country's tactics will help reduce the hard recession period and allow Kazakhstan to achieve economic revival as soon as possible," he added.

Gandilov said although both Azerbaijan and Kazakhstan have oil-rich economies, they do not share the same anti-crisis program.

"Our republic did not invest in risky securities abroad. Our domestic market has huge sums of oil dollars. Money is transferred to the budget in currency. Therefore, we did not need to use the reserves of the oil fund. The global crisis has not affected the manat. Its rate was more stable," Gandilov said.