National Bank of Kazakhstan should cooperate more closely with govt to curb inflation - Tokayev

ASTANA. Jan 28 (Interfax) - The National Bank of Kazakhstan should give up on the ideas of independence and autonomy and actively engage with the government to prevent inflation from rising, President Kassym-Jomart Tokayev said.

"Overall, curbing inflation is an extremely important task, if not the primary one, which must be carried out in close cooperation with the government. The previous stance that 'we are independent and autonomous' no longer works, because the situation is unusual," Tokayev said at an expanded government meeting on Tuesday.

He also promised to later elaborate on the unusual situation.

"The National Bank operates in accordance with its mandate. That is clear. Work is being conducted as usual, but questions remain. First and foremost, people are concerned about the volatility of the national currency. Experts expect pressure on the tenge exchange rate due to the strengthening of the U.S. dollar and [the need to] ensure currency stability," he said.

Inflation in Kazakhstan reached 8.6% year-on-year in December 2024, accelerating from 8.4% in November and 8.5% in October. The National Bank aims to stabilize inflation at around 5% in the medium term.