Tokayev presented with National Bank's annual report
Head of State Kassym-Jomart Tokayev chaired the meeting Chairman of the National Bank Timur Suleimenov, Deputy Prime Minister - Minister of National Economy Nurlan Baibazarov, Chairman of the Agency for Regulation and Development of the Financial Market Madina Abylkassymova, Minister of Finance Madi Takiyev, El.kz reports with reference to the press service of the President of Kazakhstan.
The President was informed on the results of the implementation of monetary policy for 2023, measures to ensure financial stability and the state of gold and foreign exchange reserves of the National Bank, as well as the assets of the National Fund.
The Head of State was reported on the reduction in inflation by more than half - to 9.8% by the end of 2023. The base rate has been reduced to 14.75%. Dollarization of deposits amounted to 23.2%, reaching a 26-year low. At the same time, the gross gold and foreign exchange reserves of the National Bank at the end of 2023 amounted to USD 36 billion, an increase of USD 0.9 billion, or 2.5%, compared to 2022. The assets of the National Fund increased by $4.3 billion, reaching $60 billion, the return on assets was 11.38%. The total volume of pension assets of the UAPF at the end of 2023 amounted to 17.8 trillion tenge, having increased by 3.2 trillion tenge over the year. The return on pension assets was 10.1%, exceeding the inflation rate.
Kassym-Jomart Tokayev was provided with information on the progress of the Digital Tenge project and significant initiatives on digitalization.
In particular, together with financial market participants, the Open API platform and the Anti-Fraud Center for Combating Financial Fraud were launched in pilot mode in 2023.
The Head of State noted that 2023, despite geopolitical instability, high inflation in the world and a decline in global trade, was generally positive for Kazakhstan. At the same time, it is necessary to continue the coordinated work of the National Bank and the Government to ensure the macroeconomic and financial stability of the country in the current world conditions.
The President set a number of tasks to further improve the effectiveness of the policy and build the infrastructure of the national financial market.
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