RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN

of June 25, 2004 No. 83

About approval of the Method of calculation of core inflation

Being guided by meeting minutes at the President of the Republic of Kazakhstan of April 26, 2004 the No. 01-8.1, Board of National Bank of the Republic of Kazakhstan DECIDES:

1. Approve the enclosed Method of calculation of core inflation.

2. To department of researches and statistics (Akishev D. T.) in ten-day time from the date of adoption of this resolution to bring it to the attention of the Government of the Republic of Kazakhstan.

3. To impose control over execution of this resolution on the vice-chairman of National Bank of the Republic of Kazakhstan Aymanbetova of G.3.

Approved by the resolution of Board of National Bank of the Republic of Kazakhstan of June 25, 2004 No. 83

Method of calculation of core inflation

1. This Technique is developed for the purpose of transition to the principles of inflation targeting of monetary policy of National Bank of the Republic of Kazakhstan and determines the procedure of payments of indicator of core inflation recommended to the Agency of the Republic of Kazakhstan according to the statistics on the basis of consumer price index by two main options. Both options of calculation of core inflation are equivalent, and any of them has no priority.

2. Options of calculation of core inflation on monthly basis is the following:

1) consumer price index with exception of vegetables and fruit, gasoline and coal. Calculation of core inflation for this option is recommended to be made on the following formula:

where

CI - core inflation;

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