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Monetary Policies In The Developing Countries

417 words - 2 pages

In the face of solid growth, the Kazakh authorities have been successful in containing inflation. Kazakhstan’s economic recovery from the global crisis was rapid, with output growth of around 7½ percent in 2010–11. Real GDP growth slowed in 2012–13, mostly reflecting declines in oil and agricultural output, but was still solid at around 5–6 percent. At the same time, core inflation (excluding food, energy, and administered prices) averaged around 6 percent since 2010 or roughly half the rate of core inflation in the preceding three years. The February 2014 devaluation of the tenge reflected the central bank’s concern about loss of competitiveness, amid depreciation of the ...view middle of the document...

For example, in order to assess more accurately the size of tenge liquidity, the NBK excluded banks’ cash on hand and correspondent accounts in foreign currency from the structure of reserve assets. In addition, over the past two years, the NBK periodically provided short-term liquidity to banks through automatic repo operations to smooth seasonal fluctuations in demand for tenge liquidity. Moreover, to enhance the transmission mechanism of monetary policy, the NBK was planning to engage in more active open market operations (OMOs) for both the introduction of a new policy interest rate. However, following the recent devaluation, the NBK tightened the exchange rate band and refocused the exchange rate both as primary objective and as dominant instrument of monetary policy. The NBK remains committed to allowing greater exchange rate flexibility over time, including enhancing its overall monetary policy instruments.
There is no unique formula for running successful monetary policy, but garnering more direct influence over short-term interest rates is essential. Viable frameworks must help ensure price stability, while helping insulate the economy from external and domestic shocks. The ability to influence financial and monetary conditions, especially through the control of short-term interest rates, is a fundamental component of such frameworks. In this regard, strengthening monetary policy further in Kazakhstan will require introducing a policy rate that anchors key money market interest rates around it, and hence bolstering the signaling

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