## Republic of Kazakhstan: Selected Issues

_IMF Staff Country Reports, February 7, 2024_

## Source details

**Canonical URL:** [Republic of Kazakhstan: Selected Issues](https://www.imf.org/en/publications/cr/issues/2024/02/07/republic-of-kazakhstan-selected-issues-544623)

## Other formats

- [Markdown version](/en/publications/cr/issues/2024/02/07/republic-of-kazakhstan-selected-issues-544623/index.md)
- [Structured JSON version](/en/publications/cr/issues/2024/02/07/republic-of-kazakhstan-selected-issues-544623/index.json)
- [Bundle manifest](/en/publications/cr/issues/2024/02/07/republic-of-kazakhstan-selected-issues-544623/bundle-manifest.json)

## Bibliographic details
- Published: February 7, 2024
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400267642.002

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### Overview and methods
- Applies a range of quantitative methods to explain recent inflation dynamics in Kazakhstan.
- Methods used:
  - Principal component analysis to decompose inflation between global, regional, and domestic sources.
  - Phillips curve model, augmented with external variables, to quantify drivers of inflation.
  - Vector autoregressive model to examine dynamic effects.

### Key findings
- External factors have had a strong impact on inflation dynamics in Kazakhstan in the recent period.
- Domestic factors remained important contributors to inflation dynamics.
- Looking ahead, inflation in Kazakhstan will depend significantly on the global environment but will also be shaped by domestic policy decisions.

### Policy recommendations and implications
- Near term:
  - Premature monetary policy loosening should be avoided.
- Medium term:
  - Continue efforts to strengthen the monetary policy framework to help moderate the volatility of inflation and reach the inflation target.
  - Fiscal policy should remain supportive of price stability.

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## Content in this bundle

- **Republic of Kazakhstan: Selected Issues; IMF Country Report No. 24/47; January 31, 2024**
  - [Republic of Kazakhstan: Selected Issues; IMF Country Report No. 24/47; January 31, 2024 (Markdown version)](/-/media/files/publications/cr/2024/english/1kazea2024002.pdf.md){rel="alternate" type="text/markdown"}
  - [Republic of Kazakhstan: Selected Issues; IMF Country Report No. 24/47; January 31, 2024 (PDF)](/-/media/files/publications/cr/2024/english/1kazea2024002.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/cr/issues/2024/02/07/republic-of-kazakhstan-selected-issues-544623_