Monetary and exchange policy of Kazakhstan: current problems and ways of improvement

The National Bank of Kazakhstan continues to pursue monetary policy in accordance with the principles of inflation targeting. As part of the medium-term strategy, the National Bank has reduced the target inflation corridor by one percentage point in 2020. Due to the global crisis of recent years, the National Bank has set a task to keep the inflation rate in the 4-6% corridor to stabilize the economy. The inflation rate at the end of 2020 was 7.5%. The National Bank has set a task to reduce this indicator to the level of the target corridor of 4-6% in 2021. Also, in conducting monetary policy, the National Bank has made decisions that have an anti-inflationary effect for the medium term, that is, the target level will decrease by 4% in 2021 and beyond. The preservation of monetary conditions by the regulator at a neutral level was characterized by a decrease in short-term rates after slow inflation. In 2019, against the background of a further decrease in inflation, it was decided to raise the base rate. At the same time, market participants may regard monetary conditions as the beginning of tightening. In Kazakhstan, the financial regulator sets the rate depending on the size of real and expected inflation in the country, external factors that determine the state of the balance of payments, as well as taking into account the need to maintain economic development. The article discusses the methods of conducting the monetary and monetary policy of Kazakhstan, as well as issues and ways to improve it.

Internationalization of Renminbi as a Function of China’s Foreign Exchange Policy

This article discusses the prospects of the Chinese renminbi (RMB) to expand its sphere of influence and become a full-scale reserve world currency. The methods used in the article are retrospective analysis and graphic analysis. The work is divided into three sections. The first section provides a broad overview of modern reserve currencies. The second part characterizes RMBs shaping as a reserve currency, as well as inner and outer factors that influence its status. The third section includes information about RMBs current status and its perspectives for being a reserve currency in the future. The article argues that currently RMB has already become a regional reserve currency in Asia-Pacific. Chinese government continues to make steps towards international expansion of RMB, yet these steps cannot make RMB one of the leading world currencies together with USD and EUR in the nearest decade.

The effect of data exchange policy on traffic flow between interconnected networks

In order to understand and achieve an optimal functioning in real traffic systems, the problem of congestion in complex networks takes an important place in many recent researches. In this paper, we study the effect of different types of interconnections between two scale free networks on the traffic flow. Two interconnection strategies are used: in the first, we create links between nodes chosen at random from the two subnets [Formula: see text] and [Formula: see text] and, while in the second one, we link nodes selected among the hubs of the subnets. The resulting network [Formula: see text] is under a new routing strategy inspired from the minimal traffic model introduced in [D. De Martino, Phys. Rev. E 79, 015101 (2009); S. Lamzabi, S. Lazfi, H. Ez-Zahraouy, A. Benyoussef, A. Rachadi and S. Ziti, Int. J. Mod. Phys. C 25, 1450019 (2014)]. We find that in case of this routing method, the interconnection pattern has no effect on the results. Further, to control the exchange of packets between the subnets, we propose two adjusting parameters [Formula: see text] and [Formula: see text]. The study of the variation of these parameters shows that the optimal network capacity is obtained when the two subnets are allowed to exchange data more openly.

REFLEXIONES Y PERSPECTIVAS A 25 AÑOS DE LA AUTONOMÍA DEL BANCO DE MÉXICO

<p>En este artículo se hace una serie de reflexiones sobre los retos y logros que el Banco de México ha enfrentado en sus primeros 25 años de vida autónoma. Se detallan los elementos claves en el diseño institucional para el cumplimiento de su mandato prioritario: la estabilidad del poder adquisitivo de la moneda. En particular, se destaca la evolución de los cambios en el régimen monetario y en la instrumentación de la política monetaria para alcanzar ese fin. De igual manera, se comentan otros aspectos que han sido relevantes en este periodo de la vida autónoma del banco central, tales como la política cambiaria, el manejo de las reservas internacionales, así como la política de rendición de cuentas y la estrategia de comunicación.<br /><br /></p><p>REFLECTIONS AND PERSPECTIVES AT 25 YEARS OF THE AUTONOMY OF THE BANCO DE MÉXICO</p><p><br /><strong>ABSTRACT</strong><br />This paper describes the challenges and achievements that Banco de México has faced during its first twenty-five years of autonomy. The paper offers some insights about key institutional features that were decisive in fulfilling the central bank’s main mandate: Price stability. The article also outlines the evolution of the monetary policy framework and the central bank operations in order to achieve the central bank main goal. Similarly, other elements such as foreign exchange policy, international reserve management, accountability and communication policies are also discussed.</p>

Analisis Peran IMF terhadap Fenomena Inflasi tahun 1997-1998 di Negara Thailand

Monetary crisis in Asia is a condition when the huge inflation takes place in almost all of the Southeast Asia countries. Thailand become pioneer of monetary crisis in Asia. The value of the country's currency in Thailand fell due to the government decision in adopting managed-float exchange policy of Baht currency to the Dollar America. This led the government to take the decision for seeking a help from IMF in order to recover their economic stability. However, this attempt became more complicated as a consequence of IMF regulation. IMF could not provide a solution to recover economic crisis as some of the parties disagree with the financial support by providing loan for Asia countries. The inflation also was one of the reasons behind of IMF incapability to provide solutions tackling this issue. Therefore, this paper has the aim to investigate the role of IMF towards the inflation issue in Thailand in 1997-1998. The method used to collect data is to use Internet based research with data analysis techniques using qualitative descriptive methods. The results of this study are that the IMF issued several policies including Monetary Tightening Policy, Fiscal Austerity, and Application of Letter of Intent.