D. Akishev presented the investment opportunities in Kazakhstan at the conference in London

According to D. Akishev, the Governor of NBK, the current level of government securities market liquidity is not sufficient to carry out a full analysis of the yield curve. Until recently, the trajectory of the yield curve illustrated the market expectations of a further decrease in interest rates as the slowdown of inflation may further lead to an easing of the interest rate policy of the National Bank. Despite that, the opportunities for the further base rate reduction have decreased as seen on the latest yield curve.

“The curve tends to its natural normalized state, which in turn will contribute to the growth of lending to the real economy, and will lead to the conversion of short-term liquidity to the medium and long-term financial instruments”, says D. Akishev.

D. Akishev emphasized that there has been an increased demand for short-term notes from non-residents in the recent Years, which is explained by the relatively high and attractive level of interest rates and stable monetary policy. From January 1, 2017, to June 1, 2018, the share of non-residents in National Bank notes increased from 2.9% to 8.4%, amounting to 351.3 billion tenge (1.1 billion US dollars equivalent).