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The National Bank shared on what basic factors depends the monetary and credit conditions of Kazakhstan
The National Bank of Kazakhstan has a policy of easing monetary conditions, resulting in a decrease in the base rate. Since May 2016, it was reduced from 17% to 13%. This was announced today by Vice-Chairman of the National Bank of Kazakhstan Galymzhan PIRMATOV at the session of the Government of the Republic of Kazakhstan, who delivered the report on the subject "On the results of socio-economic development and the execution of the state budget of the Republic of Kazakhstan for 6 months of 2016".
"Further actions on the basic rate will depend on the actual data on inflation, their deviation from the forecast, inflation expectations of the population and market, as well as currency preferences of economic agents", - said PIRMATOV.
Deputy Chairman of the National Bank added that "a possible reduction in the base rate will be sustained due to the presence of a signal, which indicates the approach of the inflation rate to the target range".
Meanwhile, according to the National Bank, in January-June 2016, inflation stood at 4.6%. Galymzhan PIRMATOV noted that the dynamics "fully meets expectations and projections". "And most likely gives reason to believe on the basis of 2016 that we achieved target corridor for the annual inflation rate of 6-8%, and its preservation in this range on the horizon until the end of next year", - said PIRMATOV.
The National Bank has also been informed about the situation with international reserves and assets of the National Fund.
According to G. Pirmatov, foreign exchange reserves have increased since the beginning of the year by 9.4% to 30.5 billion US dollars, which "is the maximum value over the past 4 years". The assets of the National Fund reached 65.7 billion US dollars.
"International reserves of the country reached 96.2 billion US dollars, an increase of 5.3%", - stated Galymzhan PIRMATOV.
Zhanar Serdalina
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