CHAPTER 1. THEORETICAL ASPECTS OF THE MONETARY POLICY OF THE NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

Content

Introduction……………………………………………………………………. 3

Chapter I. Theoretical aspects of monetary policy of the National Bank of the Republic of Kazakhstan.

1.1. Theoretical bases of monetary policy…………………………………….. 5

1.2. Goals and objectives of the monetary policy……………………………...7

1.3. The main tools of monetary policy……………………………………......9

Chapter II. Analysis of the dynamics of the monetary policy in the Republic of Kazakhstan

2.1. The main directions of the monetary policy……………………………...13

2.2. Analysis of the current antiinflation policy of price stability in the Republic of Kazakhstan in 2012……………………………………………………………..15

Chapter III. Problems and ways to improve monetary policy in Kazakhstan

3.1. The main challenges of monetary policy in the Republic of Kazakhstan at the contemporary stage of development…………………………………………...18

3.2. Ways to solve problems related to the economic estimations……………………………………………………………………........20

Conclusion……………………………………………………………...…….24

List of references………………………………………………………........26

Appendix…………………………………………………………………....27

INTRODUCTION

During the years of independence Kazakhstan has implemented reforms aimed at developing the market relationships: privatization, reform of public finances and the financial sector, pension reform, public administration reform, etc. It must be admitted that during the years of transformations have been achieved positive economic results being to achieve high economic growth, reducing inflation and inflation expectations, price stability and exchange rate of national currency tenge, improving the investment climate. Largely due to the monetary policy of the National Bank of Kazakhstan, the country could manage to achieve financial stability.

For each country monetary and credit policy is an integral part of government economic policy aimed at combating with inflation to maintain the rate of the national currency and the normal conditions of the market. Monetary policy is a tool of "fine tuning" of economic conditions. Fundamental objective of monetary policy is helping the economic system to achieve such a level of production which is characterized by full employment and lack of inflation. [1]

Monetary policy gradually gained features that are typical to policy of central banks of countries with economies that are developing according to the market laws. But currently can not be said that in the Republic Kazakhstan completely formed an acceptable mechanism, including the central bank with established functions that can with the tools of monetary policy provide conditions for economic development of the country.

The financial turbulence in the world economy has been demonstrated the susceptibility of Kazakhstan's economy to external risks. The fundamental features of economic development that has evolved over the past few years became one of the main factors of vulnerability.

In 2012 the execution of the tasks standing in front of National Bank of the Republic of Kazakhstan were complicated by the high degree of uncertainty prospects for the global financial market development and hence for the domestic economy too. In the conditions of high risk of further deterioration in global financial markets, central banks of the major developed countries have begun to help their banking systems to stabilize the situation. Therefore, the study and analysis of the monetary policy of the National Bank is an actual topic for research.

Relevance of the theme of the course paper is increased now, when the economy of Kazakhstan, as well as the whole world economy experiencing a deep crisis. Under these conditions, the National Bank of the country rests an even greater responsibility for conducting monetary policy and requires a detailed analysis of its impact on the economy and elaboration of prescription for improvement.

The aim of the course paper is the consideration of monetary policy in the Republic of Kazakhstan as a whole for the analysis of contemporary issues and ways of development in the future.

To achieve this goal this term paper is focused on the following tasks:

- to explore the theoretical aspects of the monetary and credit policy of National Bank of RK;

- to analyze the current monetary and credit policy of National Bank of RK;

- to make an observation of the current problems of the monetary and credit policy of National Bank of RK;

- to cover the main directions of monetary and credit policy of National Bank of RK.

So the object of research of my course paper is a detailed disclosure of bases, goals, and tools, as well as analysis of the monetary and credit policy of National Bank of Republic of Kazakhstan. And the main purpose of this work was the investigation of direction and analysis of National Bank of RK.

The subject of research is process of conducting modern monetary policy of the country.

Methodological basis of research were legal documents on monetary and credit policy of National Bank of RK, the works of Kazakhstani and foreign authors, the materials of periodicals issues and Internet resources.

CHAPTER 1. THEORETICAL ASPECTS OF THE MONETARY POLICY OF THE NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

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