The current account of the balance of payments of Kazakhstan in 2022, adjusted for the time lag on oil exports, developed with a surplus and amounted to $8.5 billion, Zakon.kz reports.
This is the first surplus in the last nine years, said Deputy Chairman of the National Bank of Kazakhstan Akylzhan Baimagambetov.
"The reasons for the positive current account balance remain unchanged - high prices for raw materials. In particular, the cost of oil at about $100 per barrel set the pace for the positive dynamics of the balance of payments, both nine years ago and last year," Baimagambetov said.
For the first time, the National Bank of Kazakhstan published data adjusted for the time lag in oil export statistics. The regulator discovered the existence of a time lag during a period of high volatility in oil prices in 2020.
According to Baimagambetov, the average share of oil in exports has historically remained high at about 60%. Its untimely reflection in international trade statistics leads to a distortion of all macroeconomic indicators that take into account customs data on oil exports.
CentralasianLIGHT.org
April 5, 2023