Kazakh National Bank raises base rate to increase activity of tenge
In September annual inflation has decreased up to 6.1% compared to the figure of the end of the previous year (7.1%). As the National Bank estimates, this year inflation will keep within the targeted corridor from 5 to 7%. In 2019, inflation will decline slower than the National Bank has earlier estimated and will be formed near the upper limit if the targeted corridor at 4-6%. It is connected to the increase in uncertainty of inflation expectations caused y external and internal factors," said the National Bank's Chairman.
Following the survey among the population in September, the level of inflation expected one year ahead, made up 6.4%, compared to July's figure of 5.6%. Inflation expectations are still unstable in a short period in spite of the decreasing trend in a long-term period," said Akishev.
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The Head of State has identified deep processing of hydrocarbons as one of the key areas of development of the oil and gas sector. The priority for our economy is high conversion production producing products with a rapid increase in added value in the technological chain with an export orientation. The added value between the initial feedstock ethane and the third conversion product polyethylene increases 20 times, from $80-90 to $1600-1800 per tonne. The Polyethylene project will certainly give a serious impetus to the development of both the manufacturing industry and the country's economy as a whole. According to experts' calculations, the contribution to the country's GDP by 2030 from the implementation of the project is estimated at approximately 1.2%," Olzhas Bektenov said.
We on the part of the state provide comprehensive support in the implementation of projects important for the country's economy. At the same time, we expect you to increase the share of local content. For this purpose, it is necessary to determine the list of goods and equipment that will be mandatorily purchased from domestic producers. Special attention should be paid to training of Kazakhstani specialists and transfer of competences. It is important for us to maximise the attraction of local personnel, including for management positions in the project. We count on a similar approach in the implementation of other joint projects," Prime Minister emphasised.
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