BAKU, Azerbaijan, Oct. 20
The National Bank of Kazakshtan will continue its policy aimed at ensuring price stability, the head of the National Bank of Kazakhstan, Erbolat Dosayev said, Trend reports referring to Kazinform.
According to Dosayev, as part of the disinflationary monetary policy, in response to the growing demand in the economy, the National Bank raised the base rate twice in July and September from nine percent to 9.5 percent.
“The inflationary pressure from the demand side is confirmed by the growth of imports of consumer goods by 24 percent in 8M2021. Under these conditions, the National Bank will continue its policy aimed at ensuring price stability,” Dosayev said at a plenary meeting of the Mazhilis (Lower Chamber of the Parliament).
Dosayev added that the effective implementation by the government and the administrations of the Anti-inflationary Response Package will allow curbing inflation this year and enter the target corridor of 4-6 percent in 2022, according to the instructions of the head of state.
In accordance with the forecast of socio-economic development for 2022-2026, further decrease and stabilization of inflation will follow at the level of 4-5 percent in 2023-2024 and 3-4 percent in 2025-2026.
“For this, along with the current operational measures, it is important for the government to intensify systematic work to further diversify the economy and reduce its import dependence. The countercyclical budgetary rule, introduced on behalf of the head of state in 2022, will allow limiting the growth rate of government spending, thereby ensuring the sustainability of public finances and reducing inflationary pressure,” Dosayev concluded.