According to the results of August 2022, the dynamics of the Real Monetary Conditions Index (RMCI) signal the preservation of stimulating conditions in the economy, contributing to the growth of aggregate demand and business activity.
This, for the most part, is facilitated by an even greater transition of the real interest rate to the negative zone (-2.26% at the end of August against -1.91% in July). There was a reduction in the previously observed record negative gap by more than 3 times by the real effective exchange rate of the tenge in August, this is due to the tenge strengthening against the ruble and the euro in nominal terms, as well as an increase in the inflation rate in the European Union. At the same time, the current gap in the real effective exchange rate of tenge still has a stimulating effect on trade activity in the country.
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The Short-term Economic Indicator showed solid growth and amounted to 5.0% in the first month of 2023.
Ежемесячный обзор инфляции: причины, компоненты, прогнозы