Situation in consumer market may stabilize soon – G. Marchenko


Daniyar Sikhimbayev

Situation in consumer market may stabilize soon - G. MarchenkoThe National Bank pursues the goal to ensure price stability in the country and keep the annual inflation at 6-8% in compliance with the major directions of 2011 monetary policy Chairman of the Bank Grigory Marchenko has informed of it at an online conference on portal in Almaty today.

As the country’s chief banker explained, intensification of inflation in January 2011 had been caused by the increase in inflationary pressure due to rise in pensions and scholarships since the year beginning and by seasonal factors. “The situation in the consumer market may stabilize in coming months. I would like to note here that both the National Bank and the Government are currently conducting the anti-inflation policy since it will be quite difficult for the Bank to resolve the problem alone”, G. Marchenko stated.

Touching upon the Bank’s objectives in 2011, G. Marchenko said again that ensuring price stability remains a priority direction of the National Bank’s monetary policy. “The Bank’s measures will help maintain economic growth and ensure stability of the financial system. Besides, we are going to launch measures to ensure stability of exchange rate of the Tenge. Our currency policy will aim at prevention of significant fluctuations in real rate of the national currency which may negatively impact competitiveness of the domestic production if the world conjuncture changes”, the Chairman of the National Bank said.