President • 16 July, 2018

Kazakh President receives National Bank Chairman Daniyar Akishev

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During the meeting, the Head of State listened to the report on the work results of the National Bank for the first half of this year, Akorda press service reports.

The President of Kazakhstan noted that at present the country has the necessary conditions for maintaining stability in the monetary and financial market and further economic development.

- At present, we have opportunities to ensure the stability of the national currency and the economy. In the first half of the year, the economy has grown by more than 4%. The transition to a floating exchange rate was correct. It is necessary to get used to the fact that there will be fluctuations, but within certain limits. This will not affect the population’s welfare, Nursultan Nazarbayev stressed.

The President of Kazakhstan separately focused on the measures taken to improve the banking sector.

- The state provided serious assistance to banks. Three trillion tenge (KZT) were allocated to support the banking system. We have also revised the legislation on currency regulation and improving the National Bank activities. Therefore, now it is necessary to intensify the work of banks in lending to the economy, including small and medium-sized businesses, Nursultan Nazarbayev said.

The Head of State has drawn the attention of the National Bank Chairman to the need for more careful regulation of the banking sector in order to protect the population's deposits from fraudulent actions of dishonest shareholders.

According to Daniyar Akishev, the key indicators in the financial market remain stable situation.

- Inflation in June 2018 was 5.9% in annual terms. This is the lowest figure for the last three years. The National Bank sets a goal by 2020 to reduce inflation to 4%, the Chairman of the National Bank reported.

Daniyar Akishev informed the President of Kazakhstan about the main factors influencing the change in the national currency rate.

- The main factor that influences the change in tenge's exchange rate is the situation on the currency and financial markets of Kazakhstan's trade and economic partners. The second factor is dollar strengthening in the world in relation to other currencies. It should be noted that enterprises and the population have adapted to such fluctuations. In general, the country is experiencing a decrease in demand for foreign currency, the Chairman of the National Bank said.

At the end of the meeting, the Head of State has given a number of specific instructions.

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