Republic of Kazakhstan: Staff Report for the 2005 Article IV Consultation

Author: International Monetary Fund

Volume/Issue: Volume 2005 Issue 244

Publication date: July 2005

ISBN: 9781451820973

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Topics covered in this book

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Banks and Banking , Exports and Imports , Economics- Macroeconomics , Public Finance , ISCR , CR , U , S , dollar , lending , receipt , tenge , inflation objective , foreign currency , short-term debt , one-off receipt , broad money , fiscal policy , GDP deflator , banking sector , Oil prices , Loans , Commercial banks , Oil , gas and mining taxes , Global

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Summary

The staff report for the 2005 Article IV Consultation on the Republic of Kazakhstan highlights the economic outlook and fiscal policy. Inflation moderated to single-digit levels and confidence in the banking system strengthened, leading to rapid remonetization and significant dedollarization. The conduct of monetary policy has been complicated by the inflows of private capital, surging oil earnings, and buoyant demand conditions. Although Kazakhstan has made considerable progress in the structural area, the pace of reform implementation has slowed. Rapid growth has translated into lower poverty, but social indicators remain weak.