National Bank of Kazakhstan told about inflation in 2019

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31 October, 2018, 15:05 309
National Bank of Kazakhstan told about inflation in 2019

The National Bank's goal for 2019 will be keeping inflation in the corridor between 4 to 6 per cent, Akishev said. 

 

The Chairman of the National Bank of Kazakhstan, Daniyar Akishev, told about the National Bank's actions to reduce and keep inflation for the next year, BNews.kz correspondent reports. 

Daniyar Akishev noted that the changes to the republican budget for 2019-21 would be based on the macroeconomic forecasts of the government and the National Bank that were designed and agreed.  

"The National Bank will continue the inflation-targeting policy. It means that the main goal of the National Bank for 2019 will be to keep inflation in the corridor between 4 and 6 per cent. This corridor was applied for measuring indexing parameters of the main social indicators of the republican budget. 

To regulate inflation processes, the interest rate channel of the monetary policy will be predominantly leveraged. It means that the base rate of the National Bank will remain a key instrument setting a corridor of interest rates on the money market," said the Chairman of the National Bank during a plenary session in the Majilis considering the draft law on the republican budget for 2019-21. 

The head of the Financial Regulator added that the National Bank would set a size of interest rate depending on the sizes of the current and expected inflation in the country, as well as internal factors defining the state of balance-of-payments. 

According to Daniyar Akishev, over 9 months of 2018, inflation has made up 3.3%. Annual inflation has reduced to 6.1% in September 2018 compared to 7.1% in the previous year's end. 

"In order to reduce risks of inflation increase, on October 15 the base rate rose from 9% to 9.25%. The new level of base rate enables to increase demand for assets in tenge and to keep reasonable monetary conditions," said Akishev. 

Today the draft law on the republican budget for 2019-21 is under discussion in the Majilis.