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Development of competitiveness and entrepreneurship leads to decrease in the inflation rate in Kazakhstan — R. Dalenov

17 October 2017, 13:00
Photo: PrimeMinister.kz

Today, within the framework of the press conference following the results of the government meeting, First Vice Minister of National Economy Ruslan Dalenov informed about the decrease in the rate of inflation for the nine months of the current year, as well as about the work of the ministry on its further regulation.

"This year the inflation rate is lower than in the last. Inflation in the period from December 2016 to September 2017 is 4.2%. Recall that in December 2015 – September 2016 inflation was 5.6%, that is a difference of 1.4%," Ruslan Dalenov said.

According to the Vice Minister, several factors contributed to the decrease, including the impact of the national currency rate.

“The most important one is those adjustments to the tenge rate that occurred in previous years. This year it is stronger than in 2016. Therefore, prices for imported goods grew at a slower pace. Accordingly, inflation is lower than in the last year,” the first vice minister said.

At the same time, as one of the main measures to prevent the growth of inflation, R. Dalenov mentioned the development of competition. He stressed that fair prices can be kept only in conditions of normal fair competition. According to him, the Ministry of National Economy is working on this issue in two directions.

First, the Ministry, through the Committee for Regulation of Natural Monopolies and the Protection of Competition, is conducting an analysis of commodity markets in order to prevent price collusion.

"There are already tangible results. In the first nine months of this year, 164 investigations have been completed, sanctions have been imposed for 796 million tenge, 35 cases are under production," R. Dalenov said.

Secondly, the Ministry is systematically working to create conditions for entrepreneurs. In particular, state programs for the development of mass entrepreneurship are working. A new tax code is being prepared, which sets the task of developing mass entrepreneurship, including electronic commerce. According to R. Dalenov, today there are many businessmen who illegally use network marketing and digital technologies.

"We believe that all of this is great. However, we want to involve them in legal circulation. Therefore, in the draft tax code, the development of mass entrepreneurship is one of the main directions," the Vice Minister summed up.

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