National Bank Chief Notes Inflation Decrease

The head of the National Bank of Kazakhstan Kairat Kelimbetov reported during a recent plenary session of the Senate of the Parliament of Kazakhstan that inflation in the country has decreased.kazakhstan-inflation-rate-mom-forecast

“Annual inflation in 2014 was 7.4 percent. The inflation rate in May 2015 was at the level of 0.3 percent, while at the beginning of the year it was 1.5 percent. As the consequence of the reduction of inflation, the price of non-food items has been reduced, mainly due to imported goods from neighbouring countries,” said Kelimbetov.

In general, according to the head of the bank, the prices on the domestic consumer market remain stable and the volume of money supply can be characterised as relative to the observed economic growth.

“Concerning exchange rates as of June 1, the official exchange rate of the bank amounted to 185 tenge for $1. Currently, the bank continues to hold the exchange rate policy aimed at preventing sharp jumps and a short-term volatility of exchange rates,” explained Kelimbetov.

In addition, the head of the bank spoke about the country’s international reserves. At the end of May, gross international reserves of the National Bank amounted to $28.7 billion. International reserves, including National Fund assets in foreign currency, amounted to $97.8 billion.

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