ALMATY – Inflation remains one of the main challenges for Kazakhstan’s economic development and citizens’ well-being, said the Governor of the National Bank of Kazakhstan (NBK) Timur Suleimenov at a joint session of Parliament’s chambers, Kazinform reported on Sept. 2.
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Suleimenov noted that the country’s annual inflation rate currently stands at 12%, stressing that addressing price growth requires coordinated efforts from the NBK, the government and regional administrations.
“Combating price increases must be an absolute priority – especially during this period,” he said.
Suleimenov noted that the NBK has already outlined its key policy tools to bring the inflation down, including the use of the base rate and a range of additional measures aimed at stabilizing prices and controlling inflationary pressures.
According to him, the regulator plans to maintain a moderately tight monetary policy for an extended period to stabilize inflation expectations and bring inflation back under control.
Suleimenov also clarified that adjustments to the state budget are not planned. Discussing investment prospects, the Governor noted that an increase in investment activity is expected in the autumn.
“This period traditionally marks an active investment cycle when companies finalize contracts. We anticipate stronger investment, trade and economic activity,” Suleimenov said.
He also assured that there are no fundamental factors indicating potential pressure on the exchange rate.
“We see no external risks that could worsen the situation, and domestic fundamentals remain strong. Therefore, we do not expect significant fluctuations in the national currency,” Suleimenov concluded.
