Kazakhstan expects current account surplus to be unsustainable - National Bank's chief

By Trend

Kazakhstan's expected current account surplus will be unsustainable, Chairman of National Bank of Kazakhstan (NBK) Galymzhan Pirmatov said, Trend reports citing the National Bank.

According to him, amid the high prices for raw materials in 2022, a surplus is expected in the current account until 2023.

"The growth in exports of goods will be driven by high world prices for oil, metals, uranium and grains in 2022. The reduction in non-oil exports due to downward adjustment in prices for metals will be offset by an increase in oil exports due to an increase in its production to 92.6 million tons in 2023," Pirmatov said during the plenary meeting of Kazakh Parliament on the issue 'On republican budget for 2023-2025'.

He said that imports of goods are expected to remain at high levels amid the continued demand and fiscal spending.

"At the same time, the expected current account surplus will be unstable, since it will be ensured only by an increase in prices for raw materials while maintaining exports of finished goods at a low level," Pirmatov said.