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Kazakhstan's economic model always proves consistent: Kelimbetov

18 november 2013, 15:32
0
Central Bank Governor Kairat Kelimbetov. ©pm.kz
Central Bank Governor Kairat Kelimbetov. ©pm.kz
Kairat Kelimbetov, Governor of the National Bank of Kazakhstan, says that Kazakhstan's economic model has proved consistent at every turn, Tengrinews reports citing the bank's message.

Kairat Kelimbetov made this statement at the International Conference, dedicated to the 20th anniversary of the national currency of Kazakhstan – the tenge - that was held in Almaty. The central bank Governor pointed out that introduction of the national currency in 1993 was one of the key drivers of the success of the financial system of Kazakhstan.

"Our national currency has gone through many serious tests and challenges during the short period of its existence. Despite these, our economicy model proved its consistency every time," Kelimbetov said.

The conference was attended by representatives of global financial institutions, including the International Monetary Fund (IMF), European Bank for Reconstruction and Development (EBRB), world leaders of banknote printing and minting, as well as by prominent Kazakhstan political and banking figures and other experts. The conference was focused on covering the most acute issues of Kazakhstan's financial system, as well as prospects of banknote production in Kazakhstan and the trends of the world capital markets.

Kazakhstan's international foreign exchange reserves, including the assets of the National Fund in foreign currencies (according to the preliminary data, they makes $68.7 billion) have grown 7.3% since the beginning of the year and reached $92.4 billion.

"The deposit base of Kazakhstan banks continues to grow; this shows a high level trust to the bank system among the general population and companies. And the main goal of the National Bank for the future is to provide stability of prices and sustain the value of our national currency," the central bank's message says.

The annual inflation has gone down to 4.9%, the bank reports. This is the lowest rate for the recent years. This year's inflation rate is expected to stay below 6 percent.

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