ASTANA – The monetary policy committee of the National Bank of Kazakhstan (NBK) has decided on April 11 to keep the base rate at 16.5%, according to the bank’s press service.
The National Bank of Kazakhstan. Photo credit: bank’s Facebook account
The decision was made based on current inflation trends and the overall risk balance. While annual inflation continued to rise in March, monthly figures and core inflation indicators showed signs of easing.
According to Governor of National Bank Timur Suleimenov, the price growth for non-food products accelerated to 9.1%, up from 8.7% in February. Inflation for paid services also rose slightly, reaching 14.3% compared to 14.1% the previous month, remaining the primary driver of overall inflation.
“In March, we noticed the first signs of stabilization of monthly inflation due to market services and the non-food component. Monthly inflation in March slightly decreased to 1.3%, against 1.5% in February. The indicators of core and seasonally adjusted inflation also turned towards slowdown. This is good news,” he said.
Suleimenov noted that the National Bank will continue to closely monitor the situation on world markets and assess the impact on inflation processes in Kazakhstan.
“If there is a sharp shift in the global economic situation or if risks materialize both externally and internally, the committee reserves the right to make an emergency decision regarding the base rate,” he said.
The monetary policy committee’s next scheduled decision on the base rate is due on June 5.
