ASTANA — President Kassym-Jomart Tokayev received a comprehensive briefing from the Chairman of the National Bank Timur Suleimenov on the current economic situation and the outcomes of the monetary policy implemented from January to June 2024.
Photo credit: Akorda
During a July 16 meeting, Suleimenov provided insights into the economic developments within Kazakhstan and globally. He highlighted the dynamics of inflation, noting a significant slowdown in the annual inflation rate despite the continued presence of pro-inflationary factors within the economy. He also discussed the state of the Unified Accumulative Pension Fund (UAPF) assets and the country’s gold and foreign exchange reserves.
Suleimenov also updated President Tokayev on the progress of key projects as per the President’s directives. These include the development of the National Payment System, the implementation of Open Banking principles, and the establishment of an Anti-Fraud Center aimed at safeguarding the financial assets of Kazakhstan’s citizens.
Concluding the meeting, Tokayev outlined several tasks for the National Bank, emphasizing the need for further efforts to stabilize inflation and advance the country’s digital financial infrastructure.
Last week, the Monetary Policy Committee of the National Bank reduced the base rate by 25 basis points to 14.25%, with a corridor of +/- 1 percentage point. Annual inflation slowed to 8.4% in June, influenced by lower food prices and a slower pace of tariff reform.
According to a July 12 press release, the National Bank plans to maintain moderately tight monetary conditions to further reduce inflation and achieve the target of 5%. Economic growth is estimated at 3.7% year-over-year from January to May 2024.
