National Bank of Kazakhstan Maintains Base Rate at 16.5%
On April 11, the National Bank of Kazakhstan (NBK) decided to keep the base rate at 16.5%, according to a statement from the bank’s press service.
The decision follows an analysis of current inflation trends and the overall risk balance. While annual inflation continued to rise in March, there were signs of easing in monthly figures and core inflation indicators.
Governor Timur Suleimenov noted that non-food product prices saw an acceleration in growth, reaching 9.1% in March, up from 8.7% in February. Paid services inflation also increased slightly to 14.3% from 14.1%, remaining a major 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.
Photo credit: bank’s Facebook account
