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Saturday, August 24th, 2019

STATEMENT OF THE GOVERNMENT AND NATIONAL BANK ON CONTINUITY OF MACROECONOMIC POLICY

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Government and the National Bank declared that the current policy to improve the well-being of the population, increase economic growth, reduce inflation and ensure the stability of the financial market will be maintained. Government and the National Bank will fulfill the previously given instructions and announced initiatives of the First President of the Republic of Kazakhstan � Elbasy.

Implementation of state programs and structural reforms will continue to effectively achieve the goals of the 2025 Strategic Development Plan and the Kazakhstan-2050 Strategy.

The economy is expected to grow at a level not lower than 3.8%, and inflation � in the corridor of 4-6% in 2019.

Government will continue to pursue a sustainable, predictable fiscal policy aimed at ensuring macroeconomic stability. All budget commitments and social initiatives will be fully implemented. Special attention will be paid to the prevention of unjustified price increases, especially for socially significant goods and services.

The National Bank will continue to pursue a predictable monetary policy aimed at maintaining low inflation. All necessary measures will be taken to ensure the stability of the situation in the foreign exchange market, in the banking sector and other segments of the financial market. The National Bank has a sufficient amount of gold and currency assets, as well as the necessary tools, including regulatory, to prevent speculative transactions with the tenge exchange rate.

Current economic internal and external factors contribute to the stable development of the country’s economy. In case of negative risks, Government and the National Bank possess the resources to minimize their consequences and ensure the sustainability of the social and economic development of the Republic of Kazakhstan.

Source: National bank of Kazakhstan

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