Samruk-Kazyna: Kazakhstan can stand second wave of economic crisis

Kazakhstan, Astana, Oct. 3/ Trend, A.Maratov/

Kazakhstan will be able to sustain the second wave of the global economic crisis, if it is not prolonged, Deputy Chairman of Kazakh National Welfare Fund "Samruk-Kazyna" Aidan Karibzhanov believes.

"Kazakhstan is ready for the second wave of crisis, as its economy is based on oil, gas and metals. High prices have been recorded for these commodities recently, and therefore, revenues of state budget and National Fund are also high," Karibzhanov told journalists on Sunday.

Oil price is set in the Kazakh budget at $65 per barrel, while the figure is $120 per barrel in Russia.

"So we have enough large reserves for the fall in oil prices, and we will be more resistant to crisis," he said.

However, the scenario will depend on depth and duration of the crisis, he supposes.

"If oil prices fall two times and remain low, for example, for five years, there will be a reason for concern. Nowawadays the situation is relatively stable," he said.

Karibzhanov was positive speaking about prospects for dollar and euro. Rumours about "the death" of these currencies in the nearest future are untimely, he thinks.

"Current situation with dollar and euro shows reflection of domestic trade and home problems of the relevant countries," he said with confidence that this turbulence of these currencies is temporary.

"I don't believe in a global crash as it was with the Soviet ruble," he said.

Karibzhanov doesn't link the future of the world economy with Chinese yuan, as well.

"Everything depends on world currency basket that is intended to follow a balance in countries' foreign trade relations," he said.

Edited by E.Ostapenko

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