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    National Bank of Kazakhstan names drivers of inflation accelerating

    Daniyar Akishev: Domestic goods producers are not competitive enough

    Baku. 3 October. REPORT.AZ/ One of the reasons of price increase in Kazakhstan is rise of consumer loans and price of imported goods. 

    Report informs referring to BNews.kz, governor of the National Bank of Kazakhstan Daniyar Akishev said at a meeting of government.

    “One of the drivers for non-food inflation is increase of consumer loans. From the beginning of the year the volume of debts on consumer loans in banks grew by 11% or by 270 billion tenge ($ 790 million)", he said.

    According to him, GDP deflator reflecting all price changes on domestic goods was 6.7% for the first half of this year, below the consumer price index which includes all changes in the price of imported goods.

    “It is obvious that the country will need more time for restoring of import substitution. Import from Russia increased by 32% this year, which shows that domestic goods producers are not competitive enough”, he added.

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