Kazakhstan’s inflation hits National Bank's target, says Chairman Suleimenov

President of Kazakhstan Kassym-Jomart Tokayev held a meeting with Chairman of the National Bank Timur Suleimenov, Kazinform News Agency cites Akorda.

During the meeting, Suleimenov briefed the Head of State about the Bank’s monetary policy in 2024 and its plans for 2025 as well as informed about the state of Kazakhstan’s economic and financial systems, business activity, inflation factors and measures taken to stabilize prices and achieve an inflation rate at 5%.

As Suleimenov informed, in 2024, inflation stood within the target range of 8.6%, the National Fund’s assets grew by 4.5 billion US dollars or over 7.5%, the Bank’s gold and forex reserves hit 45.8 billion US dollars, a 27.4% rise, the Unified Accumulative Pension Fund’s (UAPF) investment revenue was at 3.4 trillion tenge, exceeding inflation by more than twice and reached 17.8%.

The National Bank Chairman also briefed about the situation in the foreign exchange market and the measures taken to keep the tenge stable, and so on.

During the meeting, the Head of State highlighted the importance to stabilize inflation, continue close coordination between macroeconomic policies of the National Bank and the Government as well as set a number of tasks regarding the Bank’s activities.

Earlier, Head of State Kassym-Jomart Tokayev had received Chairperson of the Management Board of JSC QazPost Assel Zhanassova.