What are the principal challenges facing the National Bank of Kazakhstan today?
Anvar Saidenov: Kazakhstan must diversify its economy and find niches where it can be competitive. |
For the moment, the country is the beneficiary of high oil prices and the government has a budget surplus and enough funds for building infrastructure and other industries. But this could change quite radically in a couple of years and then the economy could face some serious problems.
How do oil revenues affect monetary policy? The inflow of oil revenues puts a lot of pressure on the local currency, which has appreciated quite considerably over the last couple of years.