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Kazakhstan’s Central Bank seeks to maintain inflation within 6-8%

25 july 2013, 17:34
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Chairman of Kazakhstan National Bank Gregory Marchenko. Photo by Yaroslav Radlovskiy©
Chairman of Kazakhstan National Bank Gregory Marchenko. Photo by Yaroslav Radlovskiy©
In 2013 the Kazakhstan’s Central Bank seeks to maintain the inflation rate within 6-8%, the country’s Central Bank Governor Gregory Marchenko stated in an on-line conference arranged by Profinance.kz.

According to him, given the current macroeconomic development, the inflation rate is “acceptable”, adding that the Central Bank doesn’t regulate prices for goods and services.

“The National Bank only exerts influence on monetary factors such as money supply and monetary base. Regulating the volume of money in the economy, the Bank indirectly contributes to shaping of consumer prices. A growing money supply leads to inflation over time”, he said.

Earlier Forex Club experts reported that the inflation rate in Kazakhstan was likely to be retained at the lower end of the 6-8% range. “A slight acceleration from the current 5.9% is possible in case the National Bank loosens its monetary policy”, the experts believe.

“Despite the lingering uncertainty of the global economy, Kazakhstan’s economy has been stable, with the GDP growing 5.1% in the H1 2013. The annual inflation stands at 5.9%”, Tengrinews.kz reported July 23, citing Economic Affairs Minister Erbolat Dossayev as saying.

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