OREANDA-NEWS. On August 03, 2009 The meeting was attended by Head of the President s Administration Aslan Musin, Assistant to the President Kuandyk Bishimbaev, Head of the Division of Socio-Economic Monitoring of the President s Administration Serik Nugerbekov, Chairman of the National Bank Grigory Marchenko, Chairman of the Board of the National Welfare Fund Samruk-Kazyna Kairat Kelimbetov, Chairman of the Agency for Regulation and Supervision of Financial Market and Financial Organizations Yelena Bakhmutova, Chairman of the Agency on regulation of the activities of the Regional Financial Center of Almaty city Arken Arystanov, reported the Official website akorda.kz.

Head of State was reported on the macroeconomic situation in the country, foreign investment stimulus, control of external borrowings, activities of the Retirement Savings Funds, and development of the stock market.

During the reporting period, there was a tendency easing inflation - in the first half of the year the inflation stood at 3.9%, which is 1.8% lower compared to the same period of 2008. The National Bank continued its practice of reducing the official refinancing rate, which since the beginning of 2009 declined from 10.5% to 8%. In the near future another reduction to 7.5% is planed. It is expected that this step will have a stabilizing effect on the banking sector.

The President was also presented a report on the balance of payments, the capital and financial status of the credit market and the activities to control inflation.

- During the meeting they discussed the preliminary results of the devaluation of tenge. Time has shown that the rate has been chosen correctly, and the corridor was also correct. The state has sufficient reserves to ensure that rate. The President said that there will not be the second wave of devaluation, and we will ensure the functioning of that corridor in the medium term, - Grigory Marchenko said at a briefing for journalists.