BAKU, Azerbaijan, May 19. Russia has a direct impact on Kazakhstan’s economy, said Deputy Governor of National Bank of Kazakhstan (NBK), Akylzhan Baimagambetov, during an IMF event, Trend reports.
According to him, Russia has a direct impact on Kazakhstan's economy, as 95 percent of Kazakh gas goes through Russian pipelines. The risks to Kazakhstan's economy are heightened by factors such as: the rising ruble exchange rate and the ban on Russian sugar and wheat exports.
“Russia was a logistical hub for the whole region, now we understand that some trade routes should be rerouted. Additionally, disrupted logistics negatively affect Kazakhstan’s economic sector, but on the other hand, the current situation creates opportunities to establish domestic production,” Baimagambetov said.
International Monetary Fund virtual event on charting a New Path Forward Amid a New Economic Shock in the Caucasus and Central Asia took place on May 19.
