Kazakhstan is harnessing inflation within set limits

©Danial Okassov

Inflation in Kazakhstan remains within the planned range, Kazakhstan Minister of Economic Development and Trade Kairat Kelimbetov said at the economic forum called Social-economic development of Kazakhstan: 20 years of independence and new tasks. “Inflation in January-October 2011 made 6.5 percent, insignificantly exceeding the value of last year. Annual inflation made 8 percent and is within the planned range of 6-8 percent,” the Minister said. GDP growth rate in Kazakhstan made 7 percent and, according to Kelimbetov, this level will remain until 2015. The Minister indicated that good macroeconomic environment is an important factor that should be maintained for business to develop. Foreign currency earning from export operations helped ensure budget surplus. “According to preliminary calculations, surplus of the balance of payments of the first 9 months of this year is over $9 billion, which is almost triple the amount of the same period of last year,” Kelimbetov said. According to the Minister, gold and foreign currency reserves of the National Bank were $32.6 billion in October 2011; since the beginning of the year the growth made 15 percent. “Kazakhstan's International reserves, including foreign currency assets of the National Fund, are over $42 billion; they have grown 26 percent and has reached $75 billion,” the Minister said.

Inflation in Kazakhstan remains within the planned range, Kazakhstan Minister of Economic Development and Trade Kairat Kelimbetov said at the economic forum called Social-economic development of Kazakhstan: 20 years of independence and new tasks. “Inflation in January-October 2011 made 6.5 percent, insignificantly exceeding the value of last year. Annual inflation made 8 percent and is within the planned range of 6-8 percent,” the Minister said. GDP growth rate in Kazakhstan made 7 percent and, according to Kelimbetov, this level will remain until 2015. The Minister indicated that good macroeconomic environment is an important factor that should be maintained for business to develop. Foreign currency earning from export operations helped ensure budget surplus. “According to preliminary calculations, surplus of the balance of payments of the first 9 months of this year is over $9 billion, which is almost triple the amount of the same period of last year,” Kelimbetov said. According to the Minister, gold and foreign currency reserves of the National Bank were $32.6 billion in October 2011; since the beginning of the year the growth made 15 percent. “Kazakhstan's International reserves, including foreign currency assets of the National Fund, are over $42 billion; they have grown 26 percent and has reached $75 billion,” the Minister said.

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