Kazakhstan to continue implementing measures to battle inflation

Finance Materials 26 January 2022 17:01 (UTC +04:00)
Kazakhstan to continue implementing measures to battle inflation

BAKU, Azerbaijan, Jan. 26


The National Bank of Kazakhstan will continue implementing measures to fight inflation, the bank told Trend on Jan. 26.

The implementation of the package of measures was launched in September 2021.

“However, the existing problems in the consumer market require the adoption of not only short-term measures, but also medium-term measures,” the bank said. “Therefore, the full effect of the package of measures has not been observed yet. The work will continue.”

The document will be supplemented with new measures till late February 2022 that will ensure the stability of inflation in the medium term and contribute to its slowdown to 3-4 percent in 2025.

"In general, it is important to stress that anti-inflationary measures must be based on market principles and include structural changes related to increasing the competitiveness of the Kazakh economy, reducing excessive intermediation and state intervention in the market processes," the bank said.

These measures will increase the effectiveness of both the entire macroeconomic policy and in particular, the monetary policy of the National Bank, allowing to reduce inflation rate and expectations in the medium-term target corridor of 3-4 percent from 2025.