High dependency on petrodollars leads Kazakh currency to devaluation

Researcher at CIDOB Nicolas de Pedro shares the opinion that tenge devaluation seems as a direct consequence of Kazakhstan’s economy overdependence on oil prices: “The fall of the tenge is harming Kazakhstan’s international image and it seems that there is a growing lack of confidence both abroad and internally on the prospects of its economy which is one of the key elements of Astana’s triumphalist narrative”.