President Kassym-Jomart Tokayev received the Chairman of the National Bank Timur Suleimenov
January 24, 2025
The head of state heard a report on the results of the National Bank’s implementation of monetary policy in 2024 and the plans of the monetary regulator for 2025.
The President was informed about the situation in the economy and financial system of Kazakhstan, business activity, inflation factors, as well as measures taken to stabilize prices and achieve the medium-term inflation target of 5%. Kassym-Jomart Tokayev was informed that by the end of 2024, inflation was formed within the forecast range of the National Bank and amounted to 8.6%. At the same time, as Timur Suleimenov reported, external inflationary pressure is increasing and internal inflationary risks remain. The head of state was also provided with information on the state of the assets of the National Fund, gold and foreign exchange reserves and the ENPF. In particular, in 2024, income from managing the assets of the National Fund amounted to 4.5 billion dollars, or more than 7.5%. Gross gold and foreign exchange reserves of the National Bank reached 45.8 billion dollars, an increase of 27.4%. Investment income from managing pension assets of the Unified Accumulative Pension Fund amounted to 3.4 trillion tenge, and the yield exceeded inflation by more than 2 times and reached 17.8%.
The President was informed about the situation on the foreign exchange market and the measures being implemented to ensure the stability of the tenge. In addition, Timur Suleimenov spoke about the stable situation in the banking sector, the continued sustainable growth of the deposit base, the measures taken to ensure financial stability and plans to improve the effectiveness of macroprudential policy. Kassym-Jomart Tokayev was also informed about the results of the development of the National Digital Financial Infrastructure, the activities of the Anti-Fraud Center. Following the meeting, the Head of State emphasized the importance of stabilizing inflation, continuing close coordination of the macroeconomic policies of the National Bank and the Government, and also set a number of tasks for the activities of the National Bank.