November 7–21 Kazakhstan hosted the Mission of International Monetary Fund. Following the visit, the Mission published a Concluding Statement that included a review of the country’s current financial and economic development, as well as the key findings and recommendations.

According to the IMF Mission, Kazakhstan has been able to manage with numerous shocks in recent years due to significant reserves and prompt policy measures.

IMF experts emphasized the increase in economic activity and the gradual decline in inflation, which is expected to decrease to 10% by the end of the year. The IMF believes that the prudent monetary policy implemented since the end of 2022, along with reduced global food prices, has contributed to pricing pressures being relieved. Given the short term uncertainty, rising prices for fuel, housing and communal services, as well as the persistence of elevated inflation expectations, the IMF recommends a balanced approach to monetary policy implementation cautioning against premature policy easing.

The IMF Mission also underlined that increasing the independence of the National Bank will help improve the efficiency of monetary policy. The IMF positively assessed National Bank’s effort to raise monetary policy transparency, including communication of decisions and continued release of quarterly inflation forecasts. In addition, according to the IMF, the National Bank’s withdrawal from government support programs for the economy will have a positive effect on increasing confidence in monetary policy.

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