The National Bank of Kazakhstan has confirmed its inflation forecast for 2011, the head of the National Bank, Grigory Marchenko, confirmed during an online-conference that inflation will be between 6-8%, Kazakhstan Today reports.
"As for the inflation corridor, we have said 6 - 8 %. On one hand, when the prices for oil grow, this is favourable for oil exporters and when the prices for wheat grow, it is favourable for wheat exporters. But if they grow too quickly and too high, it is bad for inflation, and we observed it in 2008. Therefore, there is such a threat. At the present price level, it is possible to cope with this threat as a whole having a coordinated policy of the government, the National Bank, and local authorities," G. Marchenko said.