National Bank of Kazakhstan

09/07/2021 | Press release | Distributed by Public on 09/07/2021 04:40

Kazakhstan draws up draft package of anti-inflation measures

A draft package of anti-inflation measures for 2021/24 has been developed in Kazakhstan, Kazinform correspondent reports.

According to Kazakh Economy Minister Asset Irgaliyev, the draft package of anti-inflation measures aims at price containment. It is made up of 70 immediate and medium-term measures.

He went on to say that immediate measures will be carried out until 2021.

Of those, 16 measures to be implemented to expand product supply.

Seven analytical and organizational measures are to be carried out, including screening, digitalizing trade processes, monitoring and analyzing food facilities which are long-unused or not operating fully. The measures also provide for greater control over coordination of prices for socially significant foods by institutions.

There are 10 regulatory measures in the draft, including banning export of materials that are in shortage or sold for high prices. The measures also include now allowing vehicles to transport abroad oil products to last for more than 6 months as well as adopting integrated tariffs for medical services.

According to Irgaliyev, the draft includes nine anti-monopoly measures, including control over the validity of trade margins, detection of price-fixing and restriced access to trades.

There have been planned 28 medium-term measures until 2024. They are measures to grow workload of stabilization funds, implement import substitution projects as well as switch from administrative price regulation, and conducting a non-inflationary monetary policy.

Source: KazInform