Official Source of the
Prime Minister of the
Republic of Kazakhstan
Close button

National Bank to develop draft Monetary Policy Strategy until 2030

Tuesday, 28 January 2020, 10:46:20

At the Government session chaired by Prime Minister Askar Mamin, Chairman of the National Bank Erbolat Dossaev reported on the implementation of the Head of State’s instructions given at an extended Government session on Jan 24, 2020.

In accordance with the instructions of the Head of State Kassym-Jomart Kemelevich Tokayev, which were given at the extended Government session on Jan. 24, 2020, we have developed an appropriate action plan for the Government, the National Bank and the Agency of Kazakhstan on Regulation and Development of Financial Market,” said Dossaev .

As part of the activities assigned to the National Bank, it is planned to carry out work in several directions. Including — increasing the effectiveness of monetary policy, ensuring a balance between the stability of the financial system and the need for general economic growth, developing the foreign exchange market, etc.

Monetary policy

To increase the effectiveness of monetary policy, meet inflation expectations and ensure long-term funding of the economy, a draft Monetary Policy Strategy until 2030 will be developed by the end of March 2020. After discussion with the expert community and coordination with interested state bodies, the project will be submitted to the Board of the National Bank for consideration until July 1, 2020.

The balance between financial stability and economic growth

In order to coordinate macroeconomic policies, in March 2020 an Agreement will be concluded between the Government, the National Bank and the Agency for Regulation and Development of the Financial Market.

The document will reflect the continuation of work begun in 2019 on coordinating macroeconomic policies and developing approaches to ensuring a balance between the stability of the financial system and the need for general economic development.

The Agreement will reflect:

  • measures to increase competition in food markets and effectively control tariffs for regulated services;
  • development of the government securities market and the issuance of mainly 2-5-year bonds;
  • efforts to further diversify exports and import substitution;
  • continuation of work to improve bankruptcy procedures, in particular, the principle of “one tenge – one vote,” as well as limiting the terms of bankruptcy proceedings to increase its effectiveness.

Currency market development

As part of ensuring balanced development of the foreign exchange market and attracting foreign capital to Kazakhstan, the National Bank, together with the Agency for Regulation and Development of the Financial Market, will make proposals on the development of a market infrastructure for hedging currency risks by July 1, 2020.

On the one hand, this will allow redirecting foreign currency funds on the balance sheet of financial institutions to lending to the economy in national currency. On the other hand, an instrument of protection for foreign investors from currency risks will appear, which, ultimately, will help bring the volume of investments in fixed assets to 30% of GDP.

Payment system development

The issues of combating the shadow economy and increasing the share of cashless payments are one of the main priorities of the National Bank,” Dossaev emphasized.

To achieve its goals, the National Bank, together with the Agency for Regulation and Development of the Financial Market and the Government, will develop a National Payment System Development Program by Oct. 1, 2020. The national payment system will be built on a mutually beneficial basis for all interested parties.

Financial technology and innovation

The issue of further development of financial technologies is important not only from the point of view of their implementation in the financial system, but is a key factor in the comprehensive development of the entire financial sector,” said Dossaev, noting that the National Bank, together with the Agency for Regulation and Development of the Financial Market will be prepare a draft Concept for the Development of Financial Technologies and Innovations for 2020-2025 by July 1, 2020.

Investment statistics

As noted by the Head of State, attracting direct investment is a key tool for country development.

To get a clearer picture, starting in April 2020, the National Bank will quarterly publish statistics on foreign direct investment inflows without taking into account the oil and gas industry.

Coordination of all measures to ensure financial stability and further financial sector reforms will be ensured through the created Financial Stability Council in accordance with the Decree of the Head of State.

News feed
01 June 2020, 16:27
Government session to be held June 2 in Ukimet Uyi
29 May 2020, 15:56
Interdepartmental Commission decides to remove checkpoints and resume activities of several industries
28 May 2020, 15:12
Two hundred and thirty best specialists in 11 industries work to increase competitiveness of Kazakhstan
28 May 2020, 01:23
Oil production, gas supply and investment attraction — review of energy sector in Kazakhstan
27 May 2020, 11:36
Prime Minister of Kazakhstan Askar Mamin presented Dostyk Order to UAE Ambassador Mohammed Al-Jaber
26 May 2020, 19:52
Intergovernmental Commission considers issues of strengthening quarantine enforcement
26 May 2020, 11:43
Steady growth of 4% maintained in livestock industry — Ministry of Agriculture
26 May 2020, 11:04
In 2020, it is planned to sow crops on area of ​​22.5 million hectares — Ministry of Agriculture
26 May 2020, 10:51
Efforts in livestock development will be aimed at increasing self-sufficiency and exports — Askar Mamin
26 May 2020, 10:18
Kazakhstan has real potential to become one of world’s food hubs — Askar Mamin
25 May 2020, 22:33
Modernization of pharmaceutical industry and production of protective products: How Kazakhstani enterprises developed during emergency state
25 May 2020, 19:39
Interdepartmental Commission decides to resume several types of activities in regions
25 May 2020, 15:01
Government session to be held May 26 in Ukimet Uyi
24 May 2020, 11:00
Video Digest: Main events of the week, No. 62
24 May 2020, 08:38
Prime Minister Askar Mamin congratulated Kazakhstanis on Oraza Ait
23 May 2020, 22:19
Small and medium-sized enterprises, investment, and exports: What Almaty region focused on
23 May 2020, 21:38
Video Digest: Results of Prime Minister Askar Mamin’s working trip to Almaty region
23 May 2020, 17:26
Prime Minister Askar Mamin gets acquainted with state of hydraulic structures and implementation of development programs in Almaty region
22 May 2020, 16:24
Prime Minister Askar Mamin inspects restoration works in Maktaaral district of Turkistan region
21 May 2020, 12:44
Capital should be an example for all regions — Askar Mamin
20 May 2020, 18:00
Roman Sklyar discusses development of bilateral cooperation in engineering with German companies
19 May 2020, 15:22
Since beginning of 2020, 118 thousand people employed under Enbek program — Birzhan Nurymbetov
19 May 2020, 14:08
Ruslan Dalenov: Main goal of implementing Integrated Plan — to ensure employment of people
19 May 2020, 13:53
Each year, state will purchase 365 thousand tons of agricultural products
19 May 2020, 12:36
Who can purchase housing under new program 5-10-20
19 May 2020, 11:49
Integrated plan to help restore economic activity by the end of 2020 — Ruslan Dalenov
19 May 2020, 10:02
Government adopts Integrated Plan for Recovering Economic Growth
19 May 2020, 09:01
Prime Minister Askar Mamin introduces new minister of finance
19 May 2020, 08:25
Roman Sklyar inspects progress of restoration work in Turkistan region
18 May 2020, 21:03
Total supply of socially significant food products in Kazakhstan is 720 thousand tons
18 May 2020, 17:44
Interdepartmental Commission considers epidemiological situation in the country
18 May 2020, 17:03
Government session to be held May 19 in Ukimet Uyi
17 May 2020, 21:09
Fighting against unemployment and improving adjacent villages — how East Kazakhstan region developing today
17 May 2020, 09:39
Video Digest: Main events of the week, No. 61
16 May 2020, 21:33
Video Digest following Prime Minister Askar Mamin’s working trip to East Kazakhstan Region
16 May 2020, 14:36
Prime Minister Askar Mamin inspects development of Semey city and preparations for 175th anniversary of Abay
15 May 2020, 16:22
Prime Minister Askar Mamin inspects progress of spring field work and socio-economic development of East Kazakhstan region
14 May 2020, 22:52
From agriculture to tourism or how Akmola region develops its key industries
14 May 2020, 18:14
Government delegation led by Deputy Prime Minister Yeraly Tugzhanov pays working visit to Atyrau region
14 May 2020, 17:14
Labor market after emergency state: Number of vacancies and resumes increased
14 May 2020, 17:01
Prime Minister Askar Mamin holds board meeting of Baiterek Holding
14 May 2020, 13:25
Prime Minister Askar Mamin inspects progress of sowing in Akmola region
13 May 2020, 17:43
New package of measures to reopen economic sectors
13 May 2020, 16:02
Prime Minister Askar Mamin instructs regions to introduce reference standard of Smart Cities
12 May 2020, 11:45
According to results for first quarter of 2020, foreign trade turnover of Kazakhstan grew by 2.7%
12 May 2020, 11:21
In January-April 2020, oil production amounted to 31.3 million tons
12 May 2020, 10:36
In January-April 2020, pharmaceutical industry production increased by 24.2% — Ministry of Industry and Infrastructure Development
12 May 2020, 10:18
According to results of four months, state budget received 2.7 trillion tenge of revenues — Ministry of Finance
12 May 2020, 09:56
Communication services increased by 9.6% in January-April 2020 — Ministry of National Economy
12 May 2020, 09:46
Priority task for coming period will be formation of new economic structure — Askar Mamin
© 2019 - 2020 Press service of the Prime Minister of the Republic of Kazakhstan.
Developed by SoftDeCo.