The IMF has advised Kazakhstan to maintain a tight monetary position for longer in a move to rein in declining inflation.
On the occasion of the review of Kazakhstan’s economic performance, the Monetary Fund recorded lower food prices, higher exchange rates and tighter monetary policy (interest raising), expecting lower oil and mineral prices to weaken foreign revenues and lower oil fiscal revenues this year.
The Fund considered that Kazakhstan’s economic performance prospects were subject to severe uncertainty, as slower growth of trading partners could affect Kazakhstan’s exports and growth through lower oil prices.
He called for strict monetary policy this year in order for inflation to move strongly downward and inflation expectations to return to their target levels, while commending the Kazakh National Bank’s continued efforts to target inflation and efforts on monetary policy decisions.
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