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Possible inflation risks: National Bank

15 february 2014, 16:18
Photo © Marat Abilov
Photo © Marat Abilov
In view of the devaluation of the national currency - the tenge, the central bank of Kazakhstan believes that there is a risk of escalation of inflation, Tengrinews reports.

“Considering the currency rate adjustments and possibility of imported inflation, there is a high probability of inflation risks this year. Keeping that in mind, we have to tighten our control over monetary and non-monetary price increase factors,” the Governor of the National Bank Kairat Kelimbetov said at the cabinet meeting in Astana.

Kelimbetov added that in terms of control, it is important to prevent excessive growth of money supply. As for non-monetary factors, he said that it is crucial to have government intervention information of prices of socially important goods, and regulation of tariffs that have a big impact on the inflation rate.

Although Kelimbetov did not rule out a possibility of increase of the demand for certain goods among the general public, and called the government to make sure that there are no sudden inflation spurs after the devaluation of tenge. “Like any speculations of that sort, it will have a short-term effect and will be followed by stabilization of the situation on the consumer market, ” the Governor concluded.

The main goal for the National Bank is to keep the inflation rate within 6-8%, he emphasized. The government has already set ceiling retail prices for socially important goods for this year.

By Renat Tashkinbayev

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