When commenting on the reasons behind the Bank’s decision to exercise its preemptive right to purchase Kazakhstan-produced gold, Mr. Marchenko pointed to lack of transparency in gold exports following the liberalization of the national market of precious metals.
Kazakhstan National Bank is forecasting an increase of prices for fruits, vegetables, eggs, milk and meat products, clothes, shoes and some of public utilities in Q4 2011.
Kazakhstan is a market economy, so any attempts on the part of the government to bridle growing prices for housing or mortgage rates are inadmissible: National Bank.
According to National Bank’s Vice Chairman Bissengali Tadjiyakov, the measure is necessary given the robust growth of the bilateral trade turnover: the current figure stands at $20 billion and is set to triple by 2015.
