New economic committee established in Kazakhstan
Photo: Kazpravda.kz/Adilbek Tauekelov
In accordance with the Law of the Republic of Kazakhstan dated January 2, 2021 "On amendments and additions to certain legislative acts of the Republic of Kazakhstan on restoration of economic growth", the National Bank has established a Committee on Monetary Policy, Kazpravda.kz reports with reference to the press service of the financial regulator.
"The Monetary Policy Committee of the NBK was established in accordance with the instructions of the Head of State in the framework of his Address to the people of Kazakhstan dated September 1, 2020. This Committee, along with the Board and the Board of Directors of the National Bank, will become the third body consisting of the number of existing employees.
The competence of the Monetary Policy Committee includes making decisions on the base rate, setting interest rates on the main operations of monetary policy and making decisions on other monetary policy issues that do not fall within the exclusive competence of the Board of the National Bank," the statement says.
It is noted that in the medium term, the Committee will include independent members with specialization and extensive experience in macroeconomics and monetary policy.
"The establishment of the Monetary Policy Committee is in line with the best practices of countries targeting inflation and will improve the efficiency and transparency of decisions on monetary policy," the National Bank concluded.