Kazakh Government to ensure price stability and uninterrupted food supply
Prime Minister Askar Mamin chaired a selector meeting of the State Commission on Ensuring the State of Emergency under the President of the Republic of Kazakhstan.
Minister of Healthcare Yelzhan Birtanov reported on the sanitary and epidemiological situation, akims Altai Kulginov and Bakytzhan Sagintayev - on the situation in the capital and Almaty and the readiness for quarantine, Minister of Trade and Integration Bakhyt Sultanov - on pricing of socially important foodstuffs, Minister of National Economy Ruslan Dalenov - on the issues of tariff regulation and protection of competition at trade facilities, Minister of Agriculture Saparkhan Omarov - on the provision of the state with socially important food products and measures to support stabilization funds in the regions.
"The Head of State has set the task of ensuring the uninterrupted supply of citizens with food and essential goods. Given the current situation, it is necessary to quickly respond and take measures to provide the market with food," Mamin said.
The ministries of finance and trade were instructed to work out the issue of lifting import duties on socially significant food products to saturate the domestic market. At the same time, ensure compliance with phytosanitary and veterinary control of imported goods.
Akims of the regions were instructed to conduct daily monitoring of the current price situation for socially significant food products and, if necessary, take appropriate operational measures through setting price caps and conducting interventions.
The Head of Government instructed akimats of the regions to allocate additional funds from local budgets for the formation of regional stabilization funds of food products.
The prime minister instructed to approve the decision-making procedure on crossing the state border for the period of emergency, as well as take measures to ensure the sanitary and epidemiological safety of transit transport.
Source: primeminister.kz
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National Bank of Kazakhstan maintains base rate at 14.75%
Annual inflation in February and March continued to decrease, albeit at a slower pace. Inflation expectations have slightly decreased but remain at a relatively high level. The external inflation background continues to be neutral with the ongoing trend of declining grain prices in global markets. Within the domestic economy, inflationary pressure persists due to robust internal demand and unanchored inflation expectations," reads the bank’s official statement.
In the current circumstances, there is still limited room for easing monetary policy. This space will begin to form with the stable reduction of the stable part of inflation," it said.
Monthly inflation slowed down in March to 0.7% after a spike in the previous month (1.1%), forming above the average historical values (0.6%). A similar dynamic is observed for the indicators of core and seasonally adjusted inflation - a significant reduction in March after a sharp acceleration in February," said the bank.
The external inflation background is neutral. The cost of food in global markets in March shows a slight increase, mainly due to rising prices for vegetable oils. Grain prices continue to decline against the background of the realization of the harvested crop in exporting countries and the uninterrupted operation of maritime trade routes," said the bank.
In the European Union, the trend towards slowing inflation continues against the backdrop of the European Central Bank's restrictive policy. Despite expectations of weaker economic growth indicators this year, the ECB remains committed to returning inflation to its target value and intends to maintain restrictive monetary and credit conditions for this purpose," said National Bank Governor Timur Suleimenov in an April 12 statement.
The Federal Reserve notes that inflation in the United States still remains high. In March, the annual inflation rate increased to 3.5%, accelerating for the second consecutive month. According to the Fed's rhetoric, the current monetary and credit conditions will continue going forward. In Russia - a key trading partner of Kazakhstan, inflation in March remained at 7.7%. According to the statement from the Russian regulator, achieving the inflation target involves a prolonged period of maintaining tight monetary and credit conditions," said Suleimenov.
Pro-inflationary risks are conditioned by the continuation of reforms in the area of regulated prices, the consequences of abnormal floods in Kazakhstan, and the uncertainty associated with the volumes of budget expenditures needed for their elimination," the bank said.
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