ASTANA – Kazakhstan’s inflation is expected to slow down from 7.5-9.5% in 2024 to 5.5-7.5% in 2025, said Chairman of the National Bank Timur Suleimenov at an Aug. 27 government meeting.
Photo credit: inform.kz
The Prime Minister’s press service reported on Aug. 27 that, according to Suleimenov, the implementation of monetary policy, the stabilization of external prices on global commodities markets, and the approach to the inflation goal in trade partner nations will all help to reduce inflation.
Suleimenov also gave positive projections for exports. The oil sector is supposed to contribute significantly to growth as production levels increase. Hydrocarbon exports will benefit from strong global prices for non-ferrous and ferrous metals, ores, and uranium. According to government projections, non-resource exports will rise. They will increase from $80.8 billion in 2024 to $82.3 billion in 2025.
According to the National Bank, the country’s imports will also increase, exceeding the peak value in 2023. The volume of financial transactions in 2025 will reach $61.3 billion. The growing needs of the population and businesses, a significant import component in production chains, and the implementation of state programs to support the economy will stimulate growth.
The National Fund’s net foreign exchange assets in 2025 are estimated at $57.8 billion, and they are expected to grow to $74 billion in 2027.
