Monetary conditions (August 2022)

Real Monetary Condition Index (RMCI) is used to assess and analyze the monetary policy conditions and subsequent monetary decision-making

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.

Read more in the paper

Монетарные условия (август 2022) Монетарные условия (август 2022)
Монетарлық шарттар (2022 тамыз) Монетарлық шарттар (2022 тамыз)
Monetary conditions (August 2022) Monetary conditions (August 2022)
We recommend reading
31 March 2023

29 March 2023

Monthly inflation overview: causes, elements, forecasts

27 March 2023