Kazakhstan National Bank chairman talks inflation expectations

Finance Materials 21 November 2018 11:23 (UTC +04:00)

Baku, Azerbaijan, Nov. 21

By Rashid Shirinov – Trend:

In October 2018, inflation in Kazakhstan was at its lowest level in the last three years — 5.3 percent, said Chairman of the National Bank of the country Daniyar Akishev at a meeting with President Nursultan Nazarbayev.

Akishev informed the head of state about the current situation in the monetary and financial market of Kazakhstan and the main indicators of economic development.

"Since the beginning of the year, cumulative inflation equaled 3.7 percent. Our forecast for 2018 is in the range of 5 to 7 percent, " the chairman said.

Akishev also noted the main factors that can affect the current level of inflation in Kazakhstan.

"The first is the preservation of the inflationary background in the economy. We are working with the government to prevent price increases. Active work is underway to identify those markets where prices are formed under the influence of subjective factors," he said.

The second factor is the situation in the countries that are trading partners of Kazakhstan, according to Akishev.

He also informed the head of state about the situation with the exchange rate of the national currency of Kazakhstan.

"The current level of energy prices is acceptable, which ensures the stability of the exchange rate," the chairman said.

Akishev also spoke about the state of the country's gold and foreign exchange reserves. In particular, at the end of October, gold and foreign exchange reserves of Kazakhstan amounted to $29 billion, and assets of national funds in foreign currency — to about $57 billion.


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