4vlastinfo

President Tokayev Meets National Bank Chair to Discuss Inflation and Economic Outlook

On January 24, 2025, Kazakh President Kassym-Jomart Tokayev held a meeting with the Chairman of the National Bank, Timur Suleimenov, to review the implementation of the country’s monetary policy for 2024 and discuss plans for the upcoming year.

Key Points of Discussion:

• Inflation and Economic Stability:
  Suleimenov reported that inflation for 2024 remained within the National Bank’s target range of 8.6%, although he highlighted increasing external inflationary pressures and ongoing domestic inflation risks. The National Bank continues to implement measures aimed at price stabilization and is committed to reaching the medium-term inflation target of 5%.
• National Fund Performance:
  The management of the National Fund’s assets generated a return of $4.5 billion in 2024, achieving a 7.5% income growth.
• Gold and Foreign Exchange Reserves:
  Kazakhstan’s gross gold and foreign exchange reserves grew by 27.4%, reaching $45.8 billion by the end of 2024.
• Unified Accumulative Pension Fund:
  The investment income from managing the pension fund’s assets amounted to 3.4 trillion tenge (approximately $6.5 billion), with a yield of 17.8%, significantly outpacing inflation.

President Tokayev underscored the importance of continued collaboration between the National Bank and the government to stabilize inflation and maintain overall economic stability. He emphasized that the effective coordination of monetary policy and fiscal actions remains a key priority for ensuring Kazakhstan's sustained economic growth.

Photo credit: Akorda.