Strategy Note /
Kazakhstan

Kazakhstan protests but key risk remains succession

  • Protests against higher fuel prices (after price caps were lifted) grew and morphed into anti-corruption ones this week

  • President Tokayev cut the increase by half, imposed a partial state of emergency, and accepted government's resignation

  • Protests signal popular frustration under authoritarianism but succession remains the core risk for Kaz's stellar stocks

Kazakhstan protests but key risk remains succession
Hasnain Malik
Hasnain Malik

Strategy & Head of Equity Research

Tellimer Research
5 January 2022
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