Kazakhstan's President Nursultan Nazarbayev unexpectedly resigned on Tuesda...
ALMATY - Kazakhstan’s President Nursultan Nazarbayev unexpectedly resigned on Tuesday after three decades in power, in what appeared to be the first step in a choreographed political transition that will see him retain considerable sway.
“I have taken a decision, which was not easy for me, to resign as president,” Nazarbayev said in a nationwide TV address, flanked by his country’s blue and yellow flags, before signing a decree terminating his powers from March 20. Nazarbayev has no apparent long-term successor. His decision hit the price of Kazakh bonds, while the London-listed shares of Kazakhstan’s biggest bank, Halyk Bank, tumbled 5 percent. The news also appeared to weigh on the Russian rouble. Moscow is Kazakhstan’s main trade partner.
While praising Tokayev as “a man who can be trusted to lead Kazakhstan”, Nazarbayev - who has three daughters - stopped short of endorsing him as his preferred heir.
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