ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print
Economy

Oil price plunge thrusts Kazakhstan into crisis mode

Saudi-Russian spat slams local currency and compounds coronavirus fallout

Hydrocarbon-reliant Kazakhstan's budget is based on oil trading at $55 a barrel; the price recently dropped below $40.   © Reuters

ALMATY, Kazakhstan -- The sharp decline of crude oil prices is threatening to derail Kazakhstan's economy and send its currency into a free-fall.

Oil is the central Asian country's biggest hard currency earner, and the price plunge compounds other challenges -- including reduced gas exports to China and a general slowdown in trade due to the global coronavirus outbreak.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more