Introduction of tenge marked beginning of Kazakhstan’s financial independence - Nazarbayev

Before hearing the report of the Chairman of the National Bank, Nursultan Nazarbayev congratulated all Kazakhstanis on the 25th anniversary of the national currency - tenge.

“I congratulate all Kazakhstanis and all employees of the financial sector on the 25th anniversary of the national currency. We have overcome a difficult path. The introduction of the tenge marked the beginning of the financial independence of Kazakhstan. Today we are moving to a new stage of development”, the President of Kazakhstan said.

The Chairman of the National Bank informed the Head of State about the current monetary and financial market situation and the main indicators of the country's economic development.

“In October 2018, inflation was at its lowest level in the last three years - 5.3%. From the beginning of the year, cumulative inflation amounted to 3.7%. Our forecast for 2018 is formed in the range of 5 to 7%”, Daniyar Akishev said.

The Chairman of the National Bank told Nursultan Nazarbayev about the main factors that could affect the current level of inflation.

“The first is the preservation of the inflationary background in the economy. Together with the Government, we are working to prevent price increases. Active work is underway to identify those markets where prices are formed under the influence of subjective factors. Secondly, this is the situation in the countries that are our trading partners”, Daniyar Akishev said.

In addition, the President of Kazakhstan was informed about the situation with the national currency. According to the Chairman of the National Bank, the current level of energy prices is acceptable, which ensures the stability of the exchange rate.

D. Akishev also reported on the state of the country's foreign exchange reserves. In particular, at the end of October, gold and foreign exchange reserves amounted to 29 billion dollars, and assets of national funds in foreign currency amounted to about 57 billion dollars.

At the end of the meeting, Nursultan Nazarbayev gave a number of specific instructions.