Kazakhstan 'concerned' over Russia sanctions
Tuesday, May 13, 2014
ASTANA, Kazakhstan - The Head of Kazakhstan's Central Bank, Kairat Kelimbetov, has said he is concerned about increasing sanctions on Russia and the capital outflow from the country.
Kelimbetov said recent indicators showed Russia was facing the possibility of closing the year with "zero growth", according to the Presidential public opinion communication service of Kazakhstan.
He said seven percent of Kazakhstan's exports and 36 percent of its imports were conducted with Russia and the bank would have to watch rouble exchanges closely in order to track any depreciation of the currency and action taken by the Russian Central Bank.
The trade volume between Kazakhstan and Russia reached US$26.4 billion in 2013, with Russia importing US$9 billion from Kazakhstan and exporting US$17.4 billion to it.
In February, the Kazakhstan Central Bank devalued its tenge currency unit by between 18 and 20 percent. Kazakhstan's economic authorities attributed the capital loss to the Russian rouble.
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