Vice Minister Amrin Comments on Government and National Bank's Interaction

At a briefing, journalists reminded Vice Minister of National Economy Azamat Amrin of President Qasym-Jomart Toqayev’s earlier remark that the government and the National Bank “should not engage in a tug-of-war,” Orda.kz reports.

Amrin assured that there are no contradictions between the two institutions.

Asked what exactly the president had meant, Amrin explained that the comment referred to different approaches to inflation management.

We have a monetary policy. But inflation is not only a monetary mechanism. Consumer demand is one of the factors, and it’s growing. So we need to work harder to identify and regulate this area properly,
 he stated.

According to Amrin, the government views inflation as a multifaceted issue involving both monetary and non-monetary factors.

Earlier, National Bank Head Timur Suleimenov said that fighting inflation remains the top priority for the economy.

Despite GDP growth of 6.5%, real incomes continue to stagnate due to persistent price pressures.

Original Author: Artyom Volkov