OREANDA-NEWS. On February 07, 2007 tasks for the National Bank and financial system of the country that arise from the Presidential Address were discussed at the meeting with Board Chairman of the National Bank Anvar Saidenov, reported the Official website www.akorda.kz.

“Main priorities of the National Bank are regulation of prices and suppression of inflation. We expect inflation rates will not exceed the landmark of 10% this year. I believe the joint work of the Government and the National Bank will help achieve this goal,” the National Bank’s Board Chairman said at a press briefing.

Anvar Saidenov noted that the National Bank prevented a sharp increase of circulating banknotes; consequently there is no inflation pressure from that side.

Ways of maintaining financial stability and reducing the negative impact of the situation in the world financial markets were also discussed at the meeting.

The President instructed to develop a prevention system. Currently, this work is being implemented by the Agency for financial control jointly with the International Monetary Fund. It is necessary to use international practice in this work. In this connection, it is important to monitor the situation in the financial markets of developed countries and to elaborate a complex of preventive measures.

“The work of Kazakhstani banks and their external debts were also discussed. The debts are significant enough, but banks are able to cope with them. We are not going to have any default,” Anvar Saidenov emphasized.

President of the National Company “Kazakhstan Temir Zholy” Zhaksybek Kulekeev updated the President on the company’s plan to initiate the construction of several new railroads together with the Ministry of Transport and Communications.

The construction of a locomotive assembly plant will be initiated this year, which will produce the first Kazakhstani locomotive in 2009. The company also intends to organize manufacturing of cargo wagons.

“The numerous workers of the railroad industry are able to manage those tasks that the President sets for us. We have prepared a five-year development plan of our company, which includes investing of about 890 billion tenges. Some part of these funds we will generate ourselves. About 200 billion tenges will be received in loans. In other words, in the nearest future, our company is going to invest approximately 8 billion dollars in the development of railroad industry,” Zhaksybek Kulekeev underscored.

Currently, introduction of new elements of corporative management is one of the National Company’s priorities. The company has developed its corporative Code, which is being introduced in affiliated companies of Kazakhstan Temir Zholy.