The event was attended by Chairman of the National Bank Galymzhan Pirmatov, First Deputy Head of the Presidential Administration Timur Suleimenov, Deputy Prime Minister Yerulan Zhamaubayev, Chairman of the Agency for the Development and Regulation of the Financial Market Madina Abylkassymova, Minister of National Economy Alibek Kuantirov, as well as Deputy Chairmen of the National Bank.
Kassym-Jomart Tokayev listened to reports on the results of the implementation of monetary policy for 2021, measures to curb inflation and ensure financial stability, increase budget revenues, the state of the National Bank's gold and foreign exchange reserves and assets of the National Fund.
In addition, the President was informed about a decrease in the dollarization of deposits to 36.0%, as well as an increase in the share of market investors in government securities to 69.2%, the volume of non-cash transactions of the population - up to 73.1 trillion tenge. Deposits for 2021 increased to 27.1 trillion tenge, including in tenge - up to 17.3 trillion tenge.
The Head of State noted that thanks to the measures taken, the growth of the economy of Kazakhstan in 2021 amounted to 4.1%. At the same time, he drew attention to the unprecedented rise in inflation, which, following the results of four months of this year, reached its peak value since September 2016, amounting to 13.2%. Kassym-Jomart Tokayev pointed out the importance of strengthening the work of the Government, the National Bank and other state bodies to address these issues.
In this context, the President outlined the importance of returning inflation to the target corridor and instructed the Government, together with the National Bank, to ensure the full implementation of the Set of Measures to Control and Reduce Inflation for 2022-2024.
In his speech, the Head of State dwelled on the activities of the National Fund, noting that in the context of the pandemic and the deteriorating economic situation, the Fund as a whole fulfills its assigned role. Kassym-Jomart Tokayev drew attention to the need for effective use of the National Fund.
– Transfers from the National Fund reached 4.8 trillion tenge in 2020 and 4.5 trillion tenge in 2021. This year, the Government has requested another 4.6 trillion tenge. These are very large funds. The republican budget should not be based on the use of the National Fund. Transfers should be gradually reduced,” the President said.
In addition, Kassym-Jomart Tokayev was informed about the transition to a balanced allocation against the background of the growth of the stock market, which over the past 3 years has provided the Fund with an income of $10.75 billion.
The Head of State instructed the Government to work out the possibilities of implementing large projects through market mechanisms, PPP, borrowed funds, redistribution of articles of the republican budget. In particular, Kassym-Jomart Tokayev focused on strengthening the country's transit potential, including the modernization of the Dostyk-Moiynty railway section, as well as a number of other interstate corridors.
The meeting also addressed issues of increasing the investment profitability of the National Fund, the effectiveness of asset management, ensuring liquidity and safety of gold and foreign exchange reserves.
During the meeting, the President raised the issue of the balance of payments deficit and noted the need for its gradual reduction.
Representatives of the National Bank spoke about the results of work on the development of national payment systems. In 2021, the components of the National Payment System were launched in pilot mode: the Interbank System of Payment Cards and the Instant Payment System. The development of a prototype digital tenge platform has also been completed.
Summing up the results of the meeting, the Head of State approved the annual report.
- In the current difficult situation in the world, it is extremely important to ensure the financial stability of the country. The National Bank, together with the Agency for Regulation and Development of the Financial Market, needs to focus on improving the efficiency of monetary policy and purposefully increase the potential of the financial sector, Kassym-Jomart Tokayev concluded.
