The RoK National Bank approved the “Guidelines for the monetary policy of Kazakhstan in 2013”. Under this document, one plans to hold the annual inflation rate in the range of 6-8%. .The main objective of the National Bank is to ensure price stability and keep the annual inflation rate in the range of 6-8% according to information presented by media in 15 February 2013.

In addition, it is reported that in 2013, the approach to permanent mechanisms on the provision or withdrawal of the liquidity (in terms of collateral, interest rates, delivery mechanism) will be changed. A new tool – auctions on purchase securities with the resell will be introduced. The new mechanism will contribute to reducing the dollarization of the economy, the volatility of interest rates, the speculative nature of the money market and, consequently, improve the flexibility and efficiency of liquidity management, according to information of the National Bank. It is worth noting that this year the National Bank in cooperation with the Ministry of Finance intends start the work on strengthening the RoK market for government securities as a benchmark for the money market for instruments comparable on maturity. Also, in 2013, the long-term creation of own portfolio of government securities by means of their redemption from market participants in the secondary market will continue, as well as carrying out interventions to smooth the sharp jumps of tenge exchange rate, without affecting the formation of the general trend of the dynamics of the exchange rate, given by the market premises.

Under the documents described as “Guidelines for the monetary policy of the Republic of Kazakhstan for 2013” three scenarios of economic development for 2013-2015, which are synchronized and consistent with estimates of the government in the formation of social and economic development of the Republic of Kazakhstan for 2013-2017 years, were considered. Scenarios for the average level of world oil prices were determined as a key criterion for the separation.

Source: http://www.nationalbank.kz/