BAKU, Azerbaijan, October 30. The monetary
policy stance of Kazakhstan’s National Bank, aimed at reducing
inflation risks, is a step in the right direction, Jihad Azour,
Director of the Middle East and Central Asia Department at the
International Monetary Fund (IMF), said during an online briefing,
Trend reports.
He believes that inflation was a thorn in the side of the
economy last year, fueled by a mix of homegrown issues and outside
influences.
“Certain inflationary pressures were externally derived,
encompassing escalations in pricing from Russia and the
fluctuations noted within the oil and gas sectors,” he
articulated.
The IMF delegate underscored the imperative of prioritizing
inflation mitigation strategies for Kazakhstan, aiming for a
systematic reduction towards a normative baseline of approximately
5 percent.
“The National Bank of Kazakhstan has implemented a series of
strategic interventions to mitigate inflationary pressures, and we
endorse the recalibration of monetary policy by the regulatory
authority.” It is imperative that the regulatory bodies maintain a
steadfast commitment to the management of inflationary pressures,”
Azour articulated.
To note, the Monetary Policy Committee of the National Bank of
Kazakhstan decided to raise the base rate to 18 percent per annum
from 16.5 percent. Annual inflation accelerated to 12.9 percent in
September, up from 12.2 percent in August.
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