National Bank should pursue appropriate monetary policy

NUR-SULTAN. KAZINFORM Kazakh President Kassym-Jomart assigned to build regulatory mechanisms so the banks would strive to credit efficient projects, Kazinform reports.

«The National Bank should pursue independent and relevant monetary policy to achieve inflation corridor of 4-6% in 2022 and 4% by 2025,» the Head of State said at today’s Government sitting.

The President said that since 2017 Kazakhstan has been realizing banking sector financial stability promotion program. Above KZT 700 bln was channeled to cover non-accrual loans losses. The net surplus of highly liquid assets of the banks is growing to stand at KZT 12 tn. These funds should work for the country’s economy, including development of appropriate conditions for business and mortgage market.