According to the monetary policy priorities for 2006-2008, approved by the resolution no 20 dated November 11, 2006 of the Board of the National Bank of Republic of Kazakhstan, two inflation scenarios for tenge have
been developed evolved subject to global oil prices that significantly influence the inflation tendencies in Kazakhstan.
In 2006, the scenario on high oil prices
was unfolding unfolded. The Brent crude oil prices averaged $65.4 a barrel in 2006 and they continue
d to rule high in 2007, rising
up to $75 a barrel. With all the measures taken to maintain price stability, the average inflation rate was 8.6% in 2006, which was slightly higher than
the expected rate of inflation under the scenario on high oil prices (6.9-8.5%). According to official data of the Kazakhstan Statistics Agency, annualized inflation rate as of June, 2007 was at 8.1%.