To gain trust to monetary and credit policy takes 10 years in Kazakhstan — National Bank Chief

AKIPRESS.COM - Chairman of the National Bank of Kazakhstan Erbolat Dosayev during the conference on financial markets and real economy of Kazakhstan said that gaining trust of Kazakhstanis to monetary and credit policy and currency policy of the financial regulator takes 10 years, Informburo.kz reports.
According to him, the key elements that should be resolved are improvement of the transmission mechanisms, increasing transparency and improvement of communication policy of the central bank, deepening the financial market, reducing volatility of the budget costs.
Kazakhstan in 2015 switched over to the inflation targeting, which requires an accurate work of transmission mechanisms.
To make monetary and credit policy of the National Bank work there should a trust to the reforms. Now the regulator is taking decisions openly on base rates and tries to explain the reasons of solving decisions. However, this is not enough, therefore, the National Bank plans to increase its transparency.