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Kazakhstan to retain inflation at 6-8 percent

17 february 2013, 15:33
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Kazakhstan National Bank. Photo by Yaroslav Radlovskiy©
Kazakhstan National Bank. Photo by Yaroslav Radlovskiy©
Kazakhstan National Bank will retain the inflation within the range of 6-8 percent, Tengrinews.kz reports citing the official website of Kazakhstan Prime-Minister Serik Akhmetov.

“Kazakhstan National Bank has approved the Key Monetary Policies of Kazakhstan for 2013. The document provides for retaining the annual inflation rate within the range of 6-8 percent. The National Bank’s main objective is to ensure stability of prices and retain the annual inflation rate within 6-8 percent,” the message states.

Besides, the official website writes that the approach to mechanisms of injection and retiring of money from the circulation (in terms of bid security, interest rates and issuing mechanism) will change in 2013. A new tool will be introduced: sale and repurchase securities transactions.

“The new mechanism will help reduce dollarization of the economy, harness interest rates volatility, cut speculations at the money market and, as a result, increase flexibility and efficiency of liquidity regulation,” the National Bank writes.

This year the National Bank is planning to work jointly with the Finance Ministry on strengthening the government securities market in Kazakhstan to make them the references at the money market for other securities of similar terms.

The bank will continue the long-term forming of its investment portfolio of government securities by means of buying them from other market participants at the secondary market.

The central bank will make interventions to smooth fluctuations of tenge exchange rate, without influencing the overall trend of the exchange rate that is base on the market conditions.

The document includes three scenarios of the Kazakhstan's economy development for 2013-2015. The average annual global oil prices are the key criteria in the scenarios.

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