Resolution of the Board of the National Bank of the Republic of Kazakhstan dated June 17, 2015 No. 122 "On Amendments to the Resolution of the Board of the National Bank of the Republic of Kazakhstan dated April 24, 2015 No. 67 'On Approval of the Monetary Policy of the Republic of Kazakhstan until 2020'"

«NATIONAL BANK OF THE	[pic]	STATE INSTITUTION
REPUBLIC OF KAZAKHSTAN»		"NATIONAL BANK
		OF THE REPUBLIC
PUBLIC INSTITUTION		OF KAZAKHSTAN"
BOARD OF DIRECTORS		RESOLUTION
		OF THE BOARD
June 17, 2015		No. 122
City of Almaty		City of Almaty

On amendments to the resolution of the Board of the National Bank of the Republic of Kazakhstan dated April 24, 2015 No. 67 "On Approval of the Monetary Policy of the Republic of Kazakhstan until 2020"

In accordance with the Law of the Republic of Kazakhstan dated March 30, 1995 "On the National Bank of the Republic of Kazakhstan", for the purpose of conducting the monetary policy of the Republic of Kazakhstan and fulfilling the directive of the Head of the Administration of the President of the Republic of Kazakhstan dated June 10, 2015 No. 2485-4PAB, the Board of the National Bank of the Republic of Kazakhstan RESOLVES:

1. To make the following amendments to the Resolution of the Board of the National Bank of the Republic of Kazakhstan dated April 24, 2015 No. 67 "On Approval of the Monetary Policy of the Republic of Kazakhstan until 2020":
   in the Monetary Policy of the Republic of Kazakhstan until 2020, approved by said resolution:
   Section III "IMPLEMENTATION OF INFLATION TARGETING IN KAZAKHSTAN" after the third paragraph, add paragraphs of the following content:

"The Monetary Policy of the Republic of Kazakhstan until 2020 includes a set of measures by the National Bank to implement inflation targeting until 2020, aimed at reducing inflation to 3-4% in the medium term. This set of measures is detailed in this chapter. Achievement of target inflation will occur gradually and in stages so as not to cause negative trends in economic development. Taking into account the short-term nature of monetary policy, the National Bank will annually develop the main directions of monetary policy for achieving the target inflation indicator, taking into account the situation in the domestic market and conditions in external financial and commodity markets. At the same time, the target inflation indicator will be set annually by the Board of the National Bank in such a way as to reach an inflation level of 3-4% by 2020. Achievement of target inflation by 2020 will depend on the effectiveness of joint coordinated measures and actions of the National Bank, the Government, and local executive bodies to ensure price stability in the country."

2. This resolution shall enter into force from the day of its adoption.

3. The Department of Research and Strategic Analysis (Bubeiev M.S.) is tasked with ensuring the publication of this resolution on the official Internet resource of the National Bank of the Republic of Kazakhstan.

4. Control over the execution of this resolution is assigned to the Deputy Chairman of the National Bank of the Republic of Kazakhstan Smolyakov O.A.

Chairman
of the National Bank	K. Kelimbetov