Kazakh National Bank forecasts 5%-6% GDP growth

ALMATY. January 11. KAZINFORM /Yekaterina Ionova/ Judging by the macro-economic indicators, the situation in the country is good. GDP growth is expected to make 5%-6%, and inflation is to remain at 6%-8%. In 2010 the rate was stable and the payment system worked well. Chairman of the National Bank of Kazakhstan Grigory Marchenko has announced it at the special press conference in Almaty today.

According to him, the banking sector of Kazakhstan faces a number of problems still. "I mean the situation with bad assets, and low growth in crediting of real sector of economy. However, to my mind, it is not right to rely on the state support only. When Kazakhstan was hit by the global financial crisis, the state spent huge funds to maintain the banking sector, the mortgage holders and agricultural producers. Today we see positive results of these measures", G. Marchenko noted.

The Head of the National Bank read out some statistical data demonstrating improvement of the country's economic situation. Thus, in 2006 the average wage of the population was KZT 40 thousand. In January-October 2010 this figure rose to KZT 76 thousand that is 86% higher. Since 2006 the volume of cash in circulation has risen by 80%- from KZT 600.8 bln to KZT 1 074, 8 bln. The international reserves of the country (gold and currency assets of the National Bank and the assets of the National Fund of Kazakhstan) rose by 75% in this period (from USD 33.2 bln to USD 58.0 bln).

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