Kazakhstan appointed former economy minister Timur Suleimenov as its central bank governor on September 4 after the country's upper house of parliament approved his nomination to replace Galymzhan Pirmatov. Suleimenov, 45, was most recently the deputy chief of staff to President Kassym-Jomart Tokayev. He studied finance at the University of Maryland.
In his annual address last week, Tokayev stated that he wanted banks to lend more to the economy rather than investing in short-term central bank bonds and taking advantage of high interest rates on the money market. Tokayev also called for more money to be invested in "strategic" development projects from the central bank's rainy-day National Fund.
In recent months, Kazakhstan's central bank has been battling inflation which early this year exceeded 20 per cent in annual terms. As price growth slowed, the bank has started gradually easing its monetary policy.
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