Kazakh president delays new tax, criticises monetary policy

UR-SULTAN, Kazakh President Kassym-Jomart Tokayev ordered his government on Monday to delay until 2023 the introduction of additional 5% pension contributions, effectively an extra payroll tax that was set to be implemented next year.

Tokayev also criticised the central bank's monetary policy, urging it to ensure affordable long-term credit is available to local businesses.

The planned additional payroll tax would have hindered job creation and wage growth, Tokayev told parliament in an annual address. He also said the economy was struggling to get loans from the banking sector.

"The insufficient efficiency of monetary policy is becoming one of the impediments to the country's economic development," he said.