Kelimbetov: Kazakhstan ready for oil price volatility

Speaking at the 13th Eurasian Media Forum in Astana on Thursday, Mr. Kelimbetov revealed that Kazakhstan has joined the club of the countries that made a shift to the regime of inflation targeting.
"We've made a shift to floating exchange rate allowing to absorb external shocks. Such countries as Columbia, Mexico, Russia and Kazakhstan are more prepared for oil price volatility compared to those with fixed exchange rate policy," he said.
Mr. Kelimbetov also stressed that falling oil prices are ‘the wakeup call' for the world and it is high time to develop technologies non-dependent on the production of oil and petroleum products.
"For such countries as Kazakhstan this is a good opportunity to diversify its economy," he added.