Nazarbayev: We can handle even $40 per barrel

The current decline in oil prices is not able to cause a crisis in the economy of Kazakhstan, said President Nursultan Nazarbayev.

"Because the crisis induces economic growth, the consumption of oil and gas increases. So the prices of oil and gas will rise. Let us return to the current situation. I have already announced that the social obligations will not be reduced in any way. That is, pensions, salaries of budgetary organizations and defense forces and so on. The population of Kazakhstan should not be worried," RIA Novosti quoted him.

The President said that he has strategies for the economic policies caused by 70, 60, 50 and even 40 dollars per barrel. "I have it under wraps, as they say. I can assure that we do have our reserves for that rainy day, which can support the population and not even worsen their lives. So the population should not worry," Nazarbayev assured.

"We saw what happened in the world, we saw what happened in Russia. Today, in Kazakhstan nothing happens, there is no need to worry, there is no need to create excitement. We have a law against those who create excitement, scream and scare people, we will bring those to court. There will always be some fluctuations in currency. It is a normal state of the world. Here in Kazakhstan we use the tenge to buy bread, to get clothes and for any other purposes. Why bother? The government will provide internal stability and provide social benefits," he concluded.