BAKU, Azerbaijan, March 16. The National Bank of Kazakhstan expects inflation to subside to a 9-12 percent level before the end of 2023, Galymzhan Pirmatov, the governor of the National Bank, said during his address in the Senate, Trend reports, citing Kazakh media.
In his speech in the upper house of the Parliament, Pirmatov noted that the decrease in inflation will be achieved due to the combination of factors, including tight monetary and credit policy, reducing inflationary background, and re-establishment of supply chains.
Despite the positive outlook, the National Bank governor notes that several risks, such as possible imbalances in commodity markets and accelerating inflation in trading partner countries, may have a negative impact on the inflation in Kazakhstan.
Pirmatov also said that the National Bank of Kazakhstan will continue its disinflationary policy, adhering to the inflation-targeting regime and a free-floating exchange rate.
Current inflation in Kazakhstan amounts to 21.3 percent in year-over-year terms. Inflation grew by 1.3 percent in February. The price of food products increased by 1.5 percent, while an increase of 1.3 percent and 0.8 percent were registered for paid services and non-food products, respectively.