Tokayev instructs government, National Bank to reduce inflation in Kazakhstan within 3 years

Kazakhstan needs to reduce inflation to a sustainable and manageable level, without sharp spikes or detriment to economic growth, Kazakh President Kassym-Jomart Tokayev said at an extended government meeting, Report informs via Kazakh media.

He instructed the government and the National Bank to ensure inflation is reduced within three years.

"The reasons for high inflation are clear. Now we need to address this problem without compromising the country's development. However, opinions on this issue differ. We urgently need to reverse this unfavorable situation and take concrete measures to reduce inflation within three years," he noted.

Tokayev also instructed the government and the National Bank to jointly develop a step-by-step action plan. He stated that all government agencies, as well as the expert community, should be involved in this work.

In turn, National Bank Governor Timur Suleimenov stated that, given global uncertainty and domestic economic processes, inflation this year is projected to be in the range of 9-12%.

"Our fundamental goal as the National Bank-we discussed this with the government-is to keep inflation below 10% this year, and ideally reach 9% or lower by the end of the year," Suleimenov said.