Problems of inflation targeting in the Republic of Kazakhstan

This article analyzes the importance of inflation targeting in the monetary policy of the Republic of Kazakhstan, its main mode of study and the experience of conducting abroad. Countries with inflation targeting reflect a number of macroeconomic advantages compared to the countries with monetary targets, and the benefits of inflation targeting are explained by the fact that the mechanism of monetary policy is transmitted. The reasons for the change in the monetary policy regime in developing countries are the following: currency crisis, evolution of the stabilization program on a stable exchange rate basis and the effectiveness of monetary targeting. From the materials published by the International Monetary Fund, it is possible to show three main inflation targeting trends. Inflationary targets include other transmission channels: direct interest rate channel, accumulated financial assets channel, cash flow channel, exchange rate channel and inflationary expectations channel. With the help of these, the interest rates are set, not the banking system reserves. The original rate of the interest rate channel is simple: the increase in the nominal interest rate at the strictly rated prices leads to the increase in the costs of attracting financial resources and the actual rate. The rise in resource prices, in turn, reduces consumption and investment. In inflationary targeting, any market participant is notified of all the inflation targets that the monetary authorities are responsible for.

ақша-несие саясаты, инфляция, инфляциялық таргеттеу, трансмиссиялық механизм, валюталық бағам, пайыздық мөлшерлеме, денежно-кредитная политика, инфляция, инфляционное таргетирование, трансмиссионный механизм, валютный курс, процентная ставка, monetary policy, inflation, inflation targeting, trafficking mechanism, exchange rate, interest rate

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