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THE DEPENDENCE OF THE KAZAKHSTAN ECONOMY ON THE OIL SECTOR AND THE IMPORTANCE OF EXPORT DIVERSIFICATION
2020
International Journal of Energy Economics and Policy
The recent decline in oil prices caused Kazakhstan, like many oil-dependent countries, to lose its financial resources and weaken economically. In Kazakhstan, which supplies about 50% of budget revenues from oil and petroleum products, the currency (KZT) has depreciated by 20% in the first and 60% in the second stage due to oil prices falling sharply in 2014. Also in March 2020, the Kazakh tenge, which was affected by the drop in oil prices, depreciated by 18%. The fact that oil revenues are
doi:10.32479/ijeep.9997
fatcat:jy2cpkuc7jhzbfsb76adwldpqu