Conditions for maintaining stability of national currency created in Kazakhstan

Baku, Azerbaijan, July 16

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The necessary conditions for maintaining stability in the currency and financial market and further economic development have been created in Kazakhstan, the President of Kazakhstan Nursultan Nazarbayev said at a meeting with the Chairman of the National Bank Daniyar Akishev.

A report on the results of the activity of the National Bank for the first half of this year was presented to the president during the meeting.

"We have opportunities to ensure the stability of national currency and the economy. The economy grew by more than four percent in the first half of the year. The transition to a floating rate was the right decision. It is necessary to get used to the fact that there will be fluctuations, but within certain limits. This will not affect the welfare of the people," Nursultan Nazarbayev said.

The president of Kazakhstan highlighted the measures taken to improve the banking sector.

"The state has provided serious assistance to banks. Three trillion tenge was allocated to support the banking system. We have also reviewed the legislation on currency regulation and improvement of activity of the National Bank. Therefore, it is necessary to intensify now the work of banks on lending to the economy, including small and medium-sized businesses," Nursultan Nazarbayev said.

The head of state drew the attention of the chairman of the National Bank to the need for more careful regulation of the banking sector in order to ensure the protection of deposits from fraudulent actions of unscrupulous shareholders.

The stable situation continues to exist in the financial market of the country in terms of the main indicators, Daniyar Akishev said.

"Inflation amounted to 5.9 percent in annual terms at the end of June 2018. This is the lowest figure in the last three years. The National Bank sets a goal to reduce inflation to four percent by 2020," the chairman of the National Bank said.

Akishev informed the President of Kazakhstan about the main factors affecting the alteration in exchange rate of the national currency.

"The main factor that affects the alteration in the exchange rate of tenge is the situation in the currency and financial markets of trade and economic partners of Kazakhstan. The second factor is the strengthening of the US dollar in the world, relative to other currencies. The enterprises and the people have adapted to such fluctuations. In general, there is a decrease in demand for foreign currency in the country", said the chairman of the National Bank.

The head of state gave a number of specific instructions at the end of the meeting.

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