ASTANA, Kazakhstan, Sept. 8 (UPI) -- Karim Massimov, the prime minister of Kazakhstan, has been dismissed by President Nursultan Nazarbayev and reassigned to the country's National Security Committee.
Nazarbayev's dismissal of Massimov comes as the economy of Kazakhstan stalls, despite stimulation attempts. The recent decrease in oil prices has caused Kazakhstan's currency to fall 28 percent against the U.S. dollar in the past year. Inflation in July increased the fastest since 2008.
Oil is Kazakhstan's biggest export.
"I would like to thank the president of Kazakhstan for honoring me with his trust," Massimov said in a statement following his dismissal from the post he held for two years. He previously served as prime minister for nearly six years until 2012.
Nazarbayev, a 76-year-old who has ruled Kazakhstan since 1989, has vowed to revive economic growth by selling government assets, overhauling state institutions and fighting corruption to avoid a "real crisis," Bloomberg reports.