The Istanbul Economic Forum, organized by the Central Bank of the Republic of Türkiye at the Istanbul Financial Center, is continuing with the participation of central bank governors and senior policymakers from various countries around the world.
Akylzhan Baimagambetov, Deputy Governor of the National Bank of Kazakhstan, participated in a panel titled "Balancing Growth Amid Trade Uncertainty: The Role of External and Domestic Demand" held as part of the forum.
Baimagambetov assessed developments in the global economy, opportunities for cooperation between the central banks of Türkiye and Kazakhstan, and the potential of the Istanbul Financial Center to become a global financial hub.
Emphasis on uncertainty in the global economy
Baimagambetov said uncertainties in trade policies, conflicts and the possibility that the Strait of Hormuz could remain closed for an extended period pose risks to trade routes, trade policies and customs tariffs, adding that these developments also create uncertainty over global demand.
Baimagambetov said that if these conditions persist, their effects could become permanent rather than remain limited to a short-term shock, and expressed his belief that the global economy is more resilient than expected.
Baimagambetov also addressed the "Liberation Day" tariffs announced by U.S. President Donald Trump on April 2, 2025. He said major international financial institutions had forecast that trade growth would remain at 1.8 percent during that period, while the actual figure was 5 percent.
Call for central banks to prioritize price stability
Baimagambetov said uncertain and unfavorable external conditions make it more difficult for central banks to achieve their objectives, adding that this environment could increase inflation risks and inflation expectations.
Baimagambetov said balancing the fight against inflation with avoiding harm to the economy is a major challenge for central banks. "I believe central banks should focus on maintaining price stability. That is our fundamental objective. Central banks must take into account all these threats and external conditions that pose risks to the economy," he said.
Message of cooperation between Türkiye and Kazakhstan
Highlighting the historical, linguistic and cultural ties between Türkiye and Kazakhstan, Baimagambetov said comprehensive cooperation between the two countries' central banks was natural.
Baimagambetov recalled that the first meeting of the Council of Central and National Banks of the Member States of the Organization of Turkic States was held in Kazakhstan in 2025, adding that Fatih Karahan, Governor of the Central Bank of the Republic of Türkiye, also attended the meeting.
Baimagambetov said the two countries could work together during periods of uncertainty in areas including monetary policy, financial stability and technical support, adding that Kazakhstan's central bank has extensive experience with digital currencies.
Baimagambetov said they were ready to share this experience with Türkiye and carry out joint work, adding that they wanted the two countries to benefit from each other's experience.
The potential of the Istanbul Financial Center
Baimagambetov said achieving the goal of making the Istanbul Financial Center a global financial hub requires comprehensive work, and explained that Kazakhstan is developing the Astana International Financial Centre.
Baimagambetov said Türkiye and Istanbul have significant potential in this field, adding that Istanbul's location at the crossroads of different trade routes gives the city a natural advantage in taking on the role of a global financial center.
