At a press conference in the Government, First Deputy Prime Minister – Minister of Finance Alikhan Smailov spoke about the significance of the new Agreement between the Government and the National Bank.

An agreement was signed today between the Government and the National Bank. It is aimed at implementing a coordinated policy between the Government and the National Bank. In general, we are talking about strengthening interaction, which affects important areas. These include controlling inflation, funding the economy, financial stability, improving the real sector and reducing the shadow economy.

As the First Deputy Prime Minister assured the Minister of Finance Alikhan Smailov, the most important thing in the Agreement is the coordination of macroeconomic policies.

“Monetary policy and the macroeconomic course depend on each other: coherence and coordination are needed here. Although the Agreement was concluded for 2019, in its content it lays down the necessary long-term trends for the further progressive development of our economy. It is important that the budget is stable, inflation is under control, and the exchange rate does not fluctuate significantly. It is also important to reduce the shadow economy, develop non-cash payments and heal the real sector,” said the minister of finance.

According to him, the economy needs predictability, therefore, the Agreement gives a clear signal to the market and society “what the Government and the National Bank will do together.”

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