Marchenko says Second Phase of Crisis is over

    The acute phase of the crisis has passed and a third phase is theoretically possible, Chairman of the National Bank of Kazakhstan, Grigory Marchenko stated during a press conference in Almaty, Kazakhstan Today reports.
    "The acute, second phase of the crisis has passed. If the second phase is the last, everything will be all right," Marchenko said.
    "We have a plan B if there is a third phase," the chairman said.
    "If theoretically prices for oil fall to $30 and remain at this level or lower for some period of time - more than 6 months - this would be a third stage of the crisis. We and the government have a plan to react to the third stage, but it would be better not to resort to this," Marchenko noted, according to Kazakhstan Today.