Wednesday05 February 2025
inbusinesskz.com

The president criticized the performance of the economist leaders as mediocre.

According to the head of state, he observes an excess of rhetoric from the vocabulary of international financial institutions and a lack of concrete actions.
Президент охарактеризовал работу экономистов-руководителей как посредственную.

During an interview with the newspaper "Ana tili", Kazakhstan's President Kassym-Jomart Tokayev assessed the current performance of economic leaders as mediocre, reports Kazpravda.kz

– In November 2024, the exchange rate of the tenge against the dollar exceeded 500, marking a significant psychological threshold. It is clear that various market factors influence fluctuations in the national currency. However, how justified is this financial and currency policy, and will it hinder the implementation of all planned economic reforms?

– Kazakhstan is integrated into the global economy, which means that the tenge is subject to external influences. The strengthening dollar exerts pressure on currencies of developing countries. It is noteworthy that many countries' currencies began to weaken long before November of last year, while the tenge managed to maintain its position for a considerable time.

We have long moved away from the practice of artificially restraining the exchange rate; we operate under a regime of free exchange rate formation based on market factors. I believe it is impractical to burn through gold and foreign exchange reserves for the sake of a strong tenge. Some market participants suggest transitioning to a more managed exchange rate. The National Bank and the Government are carefully examining all options. After analyzing this issue, it will become clear whether changes in approaches in this area are necessary.

The main objective is to ensure the stability and efficiency of the economy, dynamic development of the real sector, increased labor productivity, and the creation of quality jobs.

I will be frank: I assess the current work of economic leaders as mediocre. There is too much rhetoric borrowed from the lexicon of international financial institutions and too little concrete action. What is needed now are specialists who have a solid understanding of regional conditions and the mechanisms of the real economy, meaning those who have worked "on the ground." This was discussed during my meeting with Prime Minister Olzhas Bektenov on December 17 of last year.