National Bank of Kazakhstan to support banking sector's financial stability
Baku, Azerbaijan, Jan. 30
By Ali Mustafayev – Trend:
The National Bank of Kazakhstan intends to continue the implementation of the monetary policy in the inflation targeting regime and the policy of the floating exchange rate of tenge, said the chairman of the National Bank Daniyar Akishev at a meeting of the Kazakh government Jan 30.
"In 2018, monetary policy will aim at achieving lower target for inflation in the 5-7 percent corridor. Achieving this goal will be an important step towards a gradual reduction in inflation to 4 percent by the end of 2020. The National Bank will set a base rate depending on the actual and predicted inflation rate," Akishev said, Kazakh media outlets reported.
In order to maintain the macroeconomic balance, the base rate in real terms will be maintained at a level of the long-term rates of the country’s economic growth, according to the head of the National Bank.
Akishev also stressed that the National Bank will continue to work on the improvement of the financial stability of the banking sector.
"In the field of financial regulation, we aim at improving the quality of investment decisions, strengthening the responsibility of managers and owners of financial companies and independent auditors for the quality of financial reporting. In addition, we plan to take measures to strengthen foreign exchange control, maintaining a liberal monetary regime," he added.