President Tokayev Flags Inflation as Key Challenge for Kazakhstan

Kazakh President Kassym-Jomart Tokayev has addressed the challenge of rising inflation in Kazakhstan during his annual State-of-the-Nation Address.

“Today, the main challenge is high inflation, which erodes economic growth and household incomes. There is no ready-made solution to this problem. Many countries face it, but in our case it has taken on a particularly acute form. We must break out of this macroeconomic cycle, overcome long-standing difficulties by drawing on best practices, and be prepared to take responsibility for unpopular measures,” the president said, The Caspian Post reports via Kazakh media.

He called on the Government and the National Bank to act in close coordination. “The Government and the National Bank must act as one team, given the complexity of the situation. This is a national task that requires unity. Now is not the time for a tug of war,” President Tokayev emphasized.

Earlier, the president proposed renaming the Asset Recovery Committee to the Investors’ Rights Protection Committee, signaling a stronger focus on protecting investor interests in Kazakhstan.