National Bank of Kazakhstan Keeps Base Rate at 14.75%

ASTANA – The monetary policy committee of the National Bank of Kazakhstan (NBK) has decided on April 12 to keep the base rate at 14.75%, announced the bank’s press service.

The building of the National Bank in Astana. Photo credit: National Bank of Kazakhstan press service

The annual inflation slowed to 9.1% in March, slightly above the forecast trajectory.

“As the global grain price trend continues to decline, the external inflationary background continues to develop in a neutral manner. The domestic economy is still under inflationary pressure due to strong domestic demand and unanchored inflation expectations,” the report reads.

According to the bank, the monetary policy should remain tight to meet the 5% inflation target. Monetary easing still has limited room in the current environment.

The monetary policy committee’s next scheduled decision on the base rate is due on May 31.

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