BAKU, Azerbaijan, May 17. Kazakhstan’s state budget expenditures to support the population and entrepreneurship increased by 2.7 trillion tenge ($6.2 billion), the country’s Prime Minister Alikhan Smailov said, Trend reports via the government.
According to Smailov, the National Bank of Kazakhstan constantly monitors the situation in the foreign exchange market.
"In order to maintain the stability of the foreign exchange market, from March 1, 2022, the size of the mandatory sale of foreign exchange earnings by subjects of the quasi-public sector in the domestic foreign exchange market has been increased from 50 percent to 75 percent of the total foreign exchange earnings," he noted in his response to an MP’s request.
"To exclude the influence of speculative factors on the exchange rate, control over the purchase of foreign currency by large institutional players has been strengthened, only as part of the fulfillment of their contractual obligations," the prime minister further said.
Besides, Smailov reminded that due to the current situation in the global economy, the state budget for 2022 has been revised.
"It’s planned to allocate 476 billion tenge ($1.1 billion) for activities envisaged by the Government Action Program and for development of the regions, 238 billion tenge ($550 million) - for ensuring food security, and 197 billion tenge ($460 million) - for boosting incomes of the population," he also noted.
"At the same time, the current geopolitical situation, along with risks, opens a “window of opportunity” for domestic business in terms of increasing the number of economic and trade partners, as well as entering new markets," added the official.