The bank explained its decision by risks and uncertainties that persisted in external and domestic economic conditions despite the declining dynamics.

Nazarbayev’s comments, delivered somewhat nervously in a video address posted on his website, sought to scotch widespread suggestions of a power struggle between him and President Kassym-Jomart Tokayev.

Gas exports from Shah Deniz amounted to 17.618 billion cubic metres (bcm) last year, 43.6 percent up from a year earlier.

Gross domestic product (GDP) grew by 2.3 percent year-on-year in 2021, down from 2.4 percent a year earlier.

Oil and gas condensate production rose by 0.1 percent last year from a year earlier to 34.581 million tonnes, while natural gas output increased 18.1 percent to 43.864 bcm.