The devaluation of
He made the remarks speaking at a briefing held in Astana at the Central Communications Service under the Kazakh President.
"The devaluation is expected to result in the growth of domestic producers' output and reduction of imports of more expensive goods. This will keep the trade balance of
Aside from that, given the devaluation, the nominal amount of the country's GDP will increase by an additional 6.5 percentage points. The nominal GDP growth in
He stressed that, the country's nominal GDP in 2014 will be
"The nominal GDP growth will be facilitated by an increase in export earnings in tenge by 8.8 percentage points," Dossaev said.
Simultaneously, due to appreciation of import,
Aside from that, according to the minister, a positive impact of devaluation on revenues of the country's state budget is expected.
"According to estimates,
At the same time the expenditures of the country's budget will increase by
"Thus, the growth of budget expenditures will be levelled by growth in budget revenues," the minister said.
Dossaev added that the devaluation of the tenge by 20 percent will increase inflation by 3.3 percentage points.
"Given the inflation in 2013 at 4.8 per cent, it is expected that its rate will remain within 6 to 8 percent," he said.
At the same time, no additional growth in utility tariffs is envisaged.
The share of paid services in the inflation index will remain at the previously approved level of 1.2 percent.
"Measures will be taken to curb the growth of prices for socially important goods, using stabilization funds and establishing maximum prices in order to avoid the impact of inflation on the cost of food," the minister said.
The official rate of the
Translated by E.A.
Edited by C.N.
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