Republic of Kazakhstan: 2018 Article IV Consultation-Press Release; and Staff Report

Author: International Monetary Fund. Middle East and Central Asia Dept.

2018 Article IV Consultation-Press Release; and Staff Report

Volume/Issue: Volume 2018 Issue 277

Publication date: September 2018

ISBN: 9781484376904

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Banks and Banking , Exports and Imports , Economics- Macroeconomics , Public Finance , Business and Economics - Statistics , ISCR , CR , exchange rate , banking sector , NBK note , Aqsay , government , NBK policy rate , support risk , IMF TA , target band of the National Bank of Kazakhstan , Kazakhstani authorities , interest rate , NBK securities , money-market rate , Fiscal stance , Oil , Global , Central Asia

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Summary

This 2018 Article IV Consultation highlights that growth has strengthened in Kazakhstan supported by higher oil production and increased activity in trade and manufacturing. Robust exports have contributed to an improvement of the external current account. Inflation has declined and remained within the target band of the National Bank of Kazakhstan (NBK). This, along with anchoring of inflationary expectations, has allowed the NBK to undertake several interest rate cuts. Growth is expected to remain solid, although there are risks. Overall growth will likely slow as the increase of oil production moderates, but non-oil growth should increase further over the medium term, reflecting structural reforms and financial repair and deepening.