National Bank of Kazakhstan outlines 2023 priorities

Inflation stabilization is one of the main priorities of the National Bank of Kazakhstan for next year. In order to ensure price stability, the country's main financial institution has moved to tightening monetary policy. This was announced by National Bank of Kazakhstan Governor Galymzhan Pirmatov in an interview with domestic media outlets. According to him, next year, Kazakhstan will continue to pursue a policy of flexible exchange rates. For this purpose, the National Bank will increase the efficiency of the foreign exchange market, as well as ensure the maintenance of the country’s foreign exchange reserves. Pirmatov also summarized the results of the outgoing year. He noted that effective measures to facilitate lending to domestic small and medium–sized enterprises are being introduced. However, they will be valid only until 2024. Pirmatov said that Kazakhstan is implementing mechanisms to extend the interest rate subsidies on loans in priority sectors up to seven years under the ‘Economy of Simple Things’ Program. All interested government agencies are involved in this work.