Astana prepares to minimise impact of sanctions against Russia to Kazakhstan

© Sputnik / Bolat to Siginiture in fotobanka the Shanghai cooperation organization and the flags of the SCO member States in Astana. Archival photoAstana prepares to minimise impact of sanctions against Russia to Kazakhstan© Sputnik / Bolat to Siginiture the image Bank

Kazakhstan has developed a plan of joint actions of the government and the National Bank to minimize the negative consequences for the economy, which may have sanctions of Western countries against Russia, told reporters on Tuesday the Minister of national economy of Kazakhstan Timur Suleimenov.

According to him, this issue was discussed on Saturday, April 14, at the Council meeting on economic policy held under the chairmanship of Prime Minister Bakytzhan Sagintayev.

«We developed three scenarios that assume an increase in the dollar to the ruble to 70-80-90 and, accordingly, the rate of tenge. We conducted a macroeconomic analysis, i.e., how it will affect our GDP growth, inflation, unemployment and budget figures…. We have prepared a draft plan of joint actions of the government and national Bank if one of these scenarios will be implemented», — said the Minister.

He explained that the action plan envisages a series of measures of different nature: the regulatory, fiscal, financial and so on. «In the matter … whether it’s a more complex situation, or at least a difficult situation, will be made to a particular set of measures,» — said Suleimenov.

The Minister stressed that the development of pessimistic scenarios means that the Ministry «believes in them» or «expects with high probability». «We consider 70-80-90 rubles to the dollar as a trigger. But as you can see, well see for yourself that the ruble, in principle, stands at around 61-62 ruble (the dollar — ed.). This is helped by the high price of oil, which was established (at the level) about 70 to 72 dollars per barrel. Therefore, we do not expect any sharp movements either in monetary or macroeconomic channel», — he concluded.

Last week on Kazakhstan currency market was volatile after the Russian stock market and the ruble reacted to the fall on the introduction of new sanctions against Russia from the United States.

Astana prepares to minimise impact of sanctions against Russia to Kazakhstan© RIA Novosti, Infographicsrussia against Russia and international trade

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