During today’s press conference following the Government meeting, First Deputy Minister of National Economy Ruslan Dalenov reported on the reduction in the rate of inflation in the nine months of the current year, and spoke about the Ministry’s work to further contain its level.

“This year the inflation rate is lower than in the past. Inflation in the period from December 2016 to September 2017 was 4.2%. Recall that in December 2015 - September 2016 inflation was 5.6%, which is a 1.4% difference,” – Ruslan Dalenov reported.

According to the Deputy Minister, several factors contributed to the decline, including the impact of the national currency rate.

“The most important factor is the adjustments to the tenge rate that occurred in previous years. This year it was stronger than in 2016. Therefore, prices for imported goods grew at a slower pace. Accordingly, inflation was lower than last year,” – the Deputy Minister said.

At the same time, R. Dalenov mentioned the development of competition as one of the main measures to prevent inflation growth. He stressed that fair prices can be maintained only in conditions of normal and fair competition. According to him, the Ministry of National Economy is working on this issue along two directions.

Firstly, the Ministry, through the Committee for Regulation of Natural Monopolies and the Protection of Competition, conducts an analysis of commodity markets in order to prevent price collusion.

“There are tangible results already. In the nine months of the current year, 164 investigations have been completed, sanctions have been imposed for the amount of 796 million tenge, 35 cases are pending,” – R. Dalenov said.

Secondly, the Ministry is systematically working to create conditions for entrepreneurs. In particular, state programs for the development of mass entrepreneurship are in effect. A new tax code is being prepared, which sets the task of developing mass entrepreneurship, including e-commerce. According to R. Dalenov, today there are many businessmen who illegally use network marketing and digital technologies.

"We believe that all this is great. However, we want to involve them in legal circulation. Therefore the development of mass entrepreneurship is one of the main areas within the draft tax code," – the Deputy Minister summed up.

www.primeminister.kz

Published: 17 October 2017

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