Kazakh economy to expand 6% in 2012, National Bank

January 10. Interfax-Kazakhstan. Almaty

Kazakh economy to expand 6% in 2012, National BankKazakhstan’s economy will grow by 6% in the current year, says the head of the National Bank Grigory Marchenko.

“The GDP growth in 2012 will be 6%,” he said at a press conference Tuesday in Almaty.

In October last year, the Kazakh government downgraded the GDP growth forecast for 2012 from 7% to 6.9%. Finance Minister Bolat Zhamishev clarified that GDP revision stemmed from the adjusted forecasts of oil prices.

The European Bank for Reconstruction and Development (EBRD) forecast GDP growth in Kazakhstan to slow down to 6% in 2012 against 7% in 2011 citing the deteriorated oil price outlook and downside risks associated with further deteriorations in external conditions and in the banking sector.

Eurasian Development Bank (EDB) believes that GDP in Kazakhstan will go 8.6% up in 2012.

As reported, the Kazakh GDP growth this year was initially forecast at 4-5%, but after President Nursultan Nazarbayev set an objective of achieving an annual economic growth of 7%, the growth forecast for 2011-2015 was revised accordingly.

http://www.interfax.kz/?lang=eng&int_id=10&news_id=4822

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Inflation made 7.4% in 2011 in Kazakhstan, National Bank

January 10. KAZINFORM. ALMATY

Sara Mustafina

“According to official data of the Statistics Agency of Kazakhstan at the year-end of 2011 made 7.4% against 7.8% in 2010,” chairman of the National Bank of Kazakhstan Grigory Marchenko told a press conference summing up the month and year-end results.

Last December inflation reached 0.3% (0.7% in December 2010). Foodstuff prices increased by 0.3%, prices for industrial commodities grew by 0.4%, paid services by 0.2%.

http://www.inform.kz/eng/article/2431831

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Net int’l reserves of Kazakhstan’s National Bank increased by 3.8% in 2011

January 10. KAZINFORM. ALMATY

Sara Mustafina

“Net international reserves of the National Bank of Kazakhstan increased by 3.8% to reach USD 28.8 bln,” chairman of the National Bank of Kazakhstan Grigory Marchenko told a press conference.

In 2011 the country’s international reserves, including foreign currency assets of the National Fund grew by 23.2% up to USD 73.0 bln. The monetary base expanded by 10.3% to reach KZT 2836.1 bln in 2011.

Money quantity increased by 13.3% up to KZT 9607.0 bln for January-November 2011 due to the growth of the external assets of the banking system.

http://www.inform.kz/eng/article/2431837

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