Kazakhstan’s National Bank talks developing monetary policy strategy til 2030
BAKU, Azerbaijan, Sept. 3
By Nargiz Sadikhova - Trend:
Kazakhstan’s National Bank is in the process of developing a Monetary Policy Strategy until 2030, Deputy Governor of the National Bank Akylzhan Baimagambetov said, Trend reports with reference to the bank.
In his words the strategy is being prepared in response to the orders given by President Kassym Jomart Tokayev in his address to the people on Sept. 1, 2020.
The strategy will contribute to the elimination of systemic problems that hinder effective implementation of monetary policy, increase confidence in national currency, and, through ensuring stable inflation, will contribute to the formation of a predictable environment for long-term investments in the Kazakh economy.
In order to increase efficiency of the Kazakhstan’s foreign exchange market, additional measures will be developed in cooperation with the government to return foreign exchange earnings to the country and create favorable conditions for exporters to re-use these earnings.
In addition, a Monetary Policy Committee will be created at the National Bank by the end of 2020. The committee’s main task will be to make decisions on the setting of a base rate and its interest corridor.
Currently the base rate of the National Bank remains at the level of 9 percent per annum. Earlier this month Kazakhstan Deposit Insurance Fund (KDIF) has reconsidered the maximum recommended rates on tenge denominated deposits for October 2020 in accordance to the National Bank's base rate.
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