BAKU, Azerbaijan, January 30. In order to systematically reduce inflation and achieve the goal of 5 percent in the medium term, the National Bank of Kazakhstan (NBK) will continue to work in various areas, a source at the NBK told Trend.
"Firstly, within the framework of the inflation targeting regime with free-floating exchange rate formation, the National Bank of Kazakhstan will set the base rate with the aim of gradually reducing and stabilizing inflation," the source said.
According to the source, rate decisions will be made based on an analysis of macroeconomic data and forecasts.
"Secondly, NBK will continue to work to improve the manageability of economic agents’ expectations through a proactive communication strategy, which will allow the market to better understand the future direction of monetary policy. As a result, a predictable environment for business and the population will be ensured," the source said.
In addition to this, the source noted that the NBK will continue to work closely with the government and other government agencies, since achieving low and stable inflation also depends on overall economic policy, including fiscal policy. Interaction will also be carried out within the framework of the document "Set of measures to control and reduce inflation for 2023-2024".
Furthermore, inflation in Kazakhstan slowed down over the year and amounted to 9.8 percent in December 2023 (in November, 10.3 percent).
Prices for food products over the year increased by 8.5 percent (in November 2023, 9.2 percent), for non-food products, by 9.1 percent (in November 2023, 9.9 percent), and for paid services, by 12.4 percent (in November 2023, 12 percent).
In monthly terms, inflation decreased slightly and amounted to 0.8 percent (previous month: one percent).
