Kazakh President presented with National Bank's annual report
Attending the meeting were National Bank Chairman Galymzhan Pirmatov, First Deputy Head of the Presidential Administration Timur Suleimenov, Deputy PM Yerulan Zhamaubayev, Chairwoman of the Agency for Development and Regulation of the Financial Market Madina Abylkassymova, Minister of National economy Alibek Kuantyrov, as well as Deputy Chairmen of the National Bank.
During the meeting, Tokayev heard reports on the outcomes of the monetary policy for 2021, measures to contain inflation and ensure financial stability, increase the budget's revenues, international reserves of the National Bank, and assets of the National Fund.
In addition, the President was reported on the reduction in deposit dollarization to 36.0%, as well as an increase of the share of investors in government securities to 69.2%, non-cash operations to KZT73.1tln.
The Kazakh President noted that thanks to the measures taken Kazkahstan's economic growth stood at 4.1% in 2021. He also attached attention to the unprecedented rise in inflation, which peaked at 13.2% in the first four months of this year - the highest figure since September of 2016. Tokayev pointed to the importance of enhancing the work of the government, National Bank, and other government bodies to address the issues.
The Head of State instructed the Government to elaborate opportunities to implement large projects through market mechanisms, PPP, loans, and redistribution of the items of the national budget. IN particular, Tokayev accentuated the strengthening of the transit potential of the country, including the modernization of the Dostyk-Moiynty railway section, as well as a number of other interstate corridors.
During the meeting, the President addressed the issue of balance-of-payments deficit and noted the importance to reduce it gradually.
The National Bank reps told about the results of the work to develop national payment systems. In 2021, the components of the National Bank's payment systems - the Interbank payment cards system and the instant payment system - were piloted last year.
Wrapping up the meeting, the Head of State apporved the annual report.
«In the current difficult situation in the world, it is crutial to ensure the country's financial stability. The National Bank together with the Agency for Development and Regulation of the Financial Market needs to focus on increasing the efficiency of monetary policy and purposefully incrase the poetntial of the financial sector,» concuded Kassym-Jomart Tokayev.
