Kazakhstan’s central bank rejects government control
Despite recent remarks from President Kassym-Jomart Tokayev suggesting that previous guidelines no longer work due to currency depreciation and rising inflation, Kazakhstan’s National Bank will remain independent from the cabinet. Deputy Chairman of the National Bank Berik Sholpankulov reaffirmed this stance during a briefing in the Senate, the upper house of Kazakhstan’s parliament.
«Tackling inflation is a joint, extensive effort between the government and the National Bank. It is not a unilateral effort. Most likely, the comprehensive plan adopted by both parties to curb inflation will be adjusted to reflect the president’s latest directives,» Sholpankulov stated.
However, he emphasized that this does not mean the National Bank will informally obey the cabinet’s orders. Instead, the regulator will maintain its independent role in assessing the country’s financial stability.
«We certainly advise the cabinet and support its efforts to combat inflation as part of our collaborative framework, which cannot be ignored. […] The goal is to find common ground and cooperate effectively to ensure our joint action yield tangible results in reducing inflation,» Sholpankulov explained.
On Jan. 28, during an extended government meeting, Tokayev criticized the National Bank for the depreciation of the tenge and the rising inflation. He described the situation as «unusual» and stressed that future efforts to address these challenges must be conducted in «close cooperation with the cabinet.»
«The previous principles of independence and autonomy are no longer applicable. The National Bank operates within its clear mandate, but concerns persist. The bank’s primary focus must be ensuring currency stability and curbing inflation,» Tokayev stated. He also noted that experts anticipate further pressure on the tenge due to the strengthening U.S. dollar.
On the morning of Jan. 30, the exchange rate on the Kazakhstan Stock Exchange stood at 518.56 tenge per U.S. dollar. In December 2024, annual inflation reached 8.6%, exceeding the regulator’s target of 5%.
According to Kazakhstan’s law on the National Bank, the institution — as the nation’s central bank and a cornerstone of its banking system — is ultimately accountable to the president.
