ASTANA – Kazakh financial system has demonstrated excessive adaptability regardless of unprecedentedly excessive inflation charges worldwide, improve in rates of interest, and disruptions in international demand and provide chains, stated Minister of Nationwide Financial system Alibek Kuantyrov throughout a press briefing with international media on the Central Communication Providers on March 17 in Astana.

Minister of Financial system Kuantyrov throughout a press briefing with international media at CCS on March 17. Photograph credit score: The Astana Instances.

“We managed to take care of optimistic financial development. In accordance with preliminary information, in 2022, our financial system expanded by 3.2 % year-on-year, with a rise in investments and international commerce being the principle drivers,” stated Kuantyrov. 

In accordance with the minister, the redirection of commerce flows resulted in a big improve in worldwide commerce volumes final 12 months, with international commerce turnover rising by 32.1 % and reaching $134.4 billion.

The minister addressed the nation’s steps to reduce the opposed results of Western sanctions towards Russia on the Kazakh financial system. Kuantyrov stated that as a part of this work, the nation is in a dialogue with representatives of the USA (US) authorities companies, together with the U.S. Embassy in Kazakhstan, the Treasury Division, the Division of State, and the U.S. Congress.

 “We preserve common contact with our Western companions to debate present problems with the impression of financial sanctions on the financial brokers of Kazakhstan. The effectiveness of this work has been confirmed by the current elimination of Bereke Financial institution [former subsidiary of Sberbank] from sanction lists. At present, the method of unblocking the transactions of Kazakhstan’s entities is in progress,” the minister stated. 

Kuantyrov identified that due to Kazakhstan’s geographical location and historic background, it has shut financial relations with all neighboring international locations, together with Russia and China. In accordance with him, as a landlocked nation with intertwined industrial inter-sectoral linkages to the financial system of Russia, Kazakhstan has been experiencing knock-on results from sanctions. 

“Kazakhstan doesn’t take part in sanctions towards Russia however adheres to the precept that numerous corporations should not utilizing our territory to bypass them. On the similar time, being a full member of the Eurasian Financial Union (EAEU) and the World Commerce Group (WTO), we are going to proceed commerce relations with Russia and different international locations,” he stated.