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Annual inflation reached 15.3 % in October 2007 - Saydenov

Astana. November 9. Kazakhstan Today - Annual inflation reached 15.3 % in Kazakhstan in October, 2007. The chairman of the National Bank of Kazakhstan Anvar Saydenov informed on Thursday during the plenary session of the senate, the agency reports. "Annual inflation in October, 2007 reached 15.3 %. We have not observed such rate of inflation for the last 7 years," A. Saydenov emphasized. According to A. Saydenov, by the results of 10 months of current year, inflation made 13.4 % that is twice higher of the level of January - October of the last year, which made 6.6 % last year. "Half of growth of consumer prices this year accounts for the last two months. "For September - October the price has grown by 6.7 %," he added. The chairman of the National Bank noted that for the period from August till October international reserves of the National bank were reduced to a quarter - by $6 billion. It has occurred owing to sale of foreign currency in home market to maintain the rate of KZT by the National Bank to convert assess of the National fund and due to outflow of the resources of non-residents from the Kazakhstan market. Thus, gold and exchange assets were not used for repayment of external debt of the banks of the second level or for maintenance of separate subjects of financial market. By preliminary results of 9 months 2007, gold and exchange actives of the National Bank cover more than 5 months of import of goods and services. "This level is considered quite sufficient as the minimal necessary level defined by the international financial organizations makes 3 months," A. Saydenov explained.

Resourse: Kazakhstan Today

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