The head of the Central Bank of Kazakhstan talks about the current account income and expenditure changes
Baymbetov, deputy governor of the Central Bank of Kazakhstan
The Central Bank of Kazakhstan At the plenary session of the Senate on the same day that Kazakhstan’s balance-of-payments current account deficit in 2020 was $6.3 billion, a decrease of $1 billion from the previous year.
The main reason is the decrease in the payment of foreign investors’s income and the payment of 1.3 billion US dollars in foreign exchange to the government by foreign shareholders of the Karachaganak Oilfield Operating Company consortium under the settlement of income distribution disputes.
Pakistan said that in the first quarter of 2021, Kazakhstan’s current account deficit was 1.2 billion US dollars, and the main reasons for the deficit were shrinking exports and import growth.
Due to the decline in crude oil prices in the fourth quarter of 2020, reflected in the decline in crude oil exports (48.5% of Kazakhstan’s total exports) in the first quarter of 2021, resulting in a year-on-year decrease of $2.9 billion in Kazakhstan’s exports.
Due to the warming of business activities and the lagging effect of domestic demand, the consumption demand for non-food commodities and investment commodities has increased, and Kazakhstan’s imports increased by 4.8% year-on-year. Among them, the fast-growing imports include cars, clothing and computers.