Republic of Kazakhstan: Staff Report for the 2012 Article IV Consultation
International Monetary Fund, Jul 5, 2012 - Business & Economics - 63 pages
This 2012 Article IV Consultation reports that fiscal and monetary policies have adapted to the economic recovery in the Republic of Kazakhstan. The authorities have appropriately responded to the upswing in the cycle by gradually tightening fiscal policy and sterilizing excess bank liquidity. Directors have commended the authorities’ policies that, together with high commodity prices, yielded a strong economic recovery. Directors have also appreciated the preparation of plans to deal with a possible protracted global slowdown and a decline in oil prices.
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banking sector Baseline billions of tenge Broad money capital accumulation contingent liabilities continued current account balance debt in percent decline deposits diversification dollars domestic economy estimates and projections Exports external debt financial sector ﬁnancing foreign assets foreign currency Fund staff estimates gas condensate GDP deflator global growth accounting historical averages increase inflation inflows INTERNATIONAL MONETARY FUND international reserves investment Kazakhstani authorities key variables lending Macroeconomic medium-term MONETARY FUND Table NBK's NFRK assets nominal interest rate non-oil imports Oil and gas oil prices oil savings percent change percent of GDP percent of total portfolio previous period debt primary balance private sector productivity ratio real depreciation real GDP growth real interest rate reforms risk ROSC Russian rubles Sources of Growth Stability Staff assessment standard deviation shocks statistics technical assistance total loans trading band transmission mechanism Transparency twelve projects World Bank