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Tengrinews.kz - Deputy Governor of the National Bank Akylzhan Baimagambetov commented on a proposal by Mazhilis deputy Serik Egizbaev, who called for "turning on the printing press" to address issues faced by farmers.
Earlier, the deputy suggested that the government and the National Bank made a "bold and extraordinary decision" to increase the money supply.
"Or, to put it simply, turn on the printing press at least for the volume of gross agricultural output and provide farmers with conditions for normal work. Against the backdrop of the government's transition from a policy of subsidizing farmers to a policy of affordable lending, such an approach will help farmers more painlessly adapt to the new economic conditions," the Mazhilis deputy proposed.
On the Senate sidelines, journalists asked Baimagambetov to comment on the deputy’s proposal. According to him, such a move would lead to even higher inflation.
"Printing money always results in more inflation, which is essentially a tax on the poor, hitting the most socially vulnerable groups the hardest. It means that people’s wages will depreciate, and the middle class will see their savings lose value. So this proposal needs careful consideration. I don’t believe this is the solution," Baimagambetov stated.
Previously, President Kassym-Jomart Tokayev demanded bold decisions from the National Bank and government.
