“High inflation that we have especially felt over the past two years, and this is not only the case of Kazakhstan but also a widespread global phenomenon, eats up our incomes and depreciates our savings. As a result, high inflation forces people to think more about meeting current needs and shortens the planning horizon. This issue is also important in terms of financial service affordability. We especially clearly this in the example of banking services; public discussions around loan rates do not subside,” noted the National Bank representative.
The National Bank sets itself the task of reducing the inflation rate, which is currently about 13% in annual terms, to the target level. Let me remind you that the target, i.e. the inflation target for the medium term is to maintain annual inflation rate at around 5%.
“We are well aware that reducing inflation, and especially maintaining it at the optimal target level, is not a trivial task. This requires a range of measures not only of monetary control but also of macroeconomic policy in general. According to our estimates, sustainable achievement of the target with the need to maintain macroeconomic stability, is possible by the end of 2025,” concluded Vitaly Tutushkin.
Photos are from open sources.
