Chairman of the National Bank Daniyar Akishev reported that the effect of the devaluation of the tenge on domestic prices in 2017 was almost completed. Currently there is a moderate growth dynamics in the sector of food products and paid services to the public. The National Bank expects that inflation for the year will remain within the target corridor from 6 to 8%. In 2018, the National Bank set a target benchmark for inflation at a lower value, from 5 to 7%. By 2020, the National Bank expects inflation to slow to 4%. All measures currently being taken are aimed at achieving these goals.
Minister of Energy Kanat Bozumbayev reported that 111.1 million tons of oil were processed for the domestic market of petroleum products, which is 3.6% more than in the same period of the last year. The production of gasoline was 2 million 270 thousand tons, which is also higher than the figures for the same period in 2016. The average price for RON92 gasoline in January was 135 tenge per liter, in September the price increased to an average of 150 tenge, showing an increase of 11%. The share of imports for gasoline RON92 in the period from July to August increased from 15% to 30% in September, which is due to the refurbishment of refineries and the modernization that is being completed.
Accordingly, in connection with this, there was a decrease in supplies to the domestic market and an increase in imports, which ultimately affected the price increase.
The Ministry of Energy closely monitors the price situation on the market, for example, administrative charges were brought against several gas stations. At the same time, steps are being taken to correct the current situation.
Thus, at Shymkent refinery the processing plan for October was increased by 110 thousand tons, which will provide the domestic market with additional supplies of gasoline and diesel fuel. Due to the full operation of all gas stations in November, it is planned to reduce the share of import by gasoline RON92 to 30% and to 20% in December, which will help stabilize the situation.
In turn, the First Vice Minister of Agriculture Kairat Aituganov reported that the work of food stabilization funds has become more systematic compared to last year and this generally restrains the growth of prices for socially significant products.
During the meeting of the Government, which took place on July 11, the akimats were instructed to purchase products for stabilization funds. At present the akimats need to intensify this work and complete it by November 15 this year.
Deputy Akim of Atyrau Region Alibek Nautiyev, Akim of North Kazakhstan Region Kumar Aksakalov, Pavlodar Region Akim Bulat Bakauov, Deputy Akim of South Kazakhstan region Tulegen Sarsembayev and Akim of Astana Asset Issekeshev spoke in the course of the meeting.
Bakytzhan Sagintayev instructed all branch state and local executive bodies to keep under special control the issue of rising prices for goods and services, especially for socially important food products.