Kazakh National Bank: inflation target possible to achieve
ASTANA. Nov 9 (Interfax-Kazakhstan) - The chairman of Kazakhstan's National Bank Daniyar Akishev says it's possible to achieve the inflation target in the next 3-4 months.
"Inflation slowing down to 8% will mean the end of price adjustment to the new exchange rate," Akishev said in the Majilis on Wednesday.
Akishev noted that reining in the annual inflation rate at 8% is "a top priority for the National Bank." "Without it, the resumption of investment activity and reduction of rates in the national currency seem impossible to achieve," he added.
Further decisions regarding the base rate will depend on the actual and projected trajectory of inflation and also the currency preferences of the population and the market, he said.
Inflation amounted to 6.2% in January-October 2016.
Akishev said earlier that if the annual inflation slows its pace to less than 12% by the end of October, it could lead to the lowering of the base rate.
The central bank will meet for its final rate decision of the year on November 14. On 3 October, the bank announced a 0.5 % cut bringing the base rate to 12.5%.