The National Bank of Kazakhstan (NBK) made a statement today, April 12, 2024, regarding the base rate. The Monetary Policy Committee of the National Bank of the Republic of Kazakhstan has decided to keep the base rate at 14.75% annually with a corridor of +/- 1 percentage point.
According to the NBK press release, annual inflation in February and March continued to decrease, albeit at a slower pace. Inflation expectations have slightly decreased but remain relatively high. The external inflation background continues to develop neutrally, with a downward trend in grain prices on the global markets. Domestically, inflationary pressure persists due to stable domestic demand and entrenched inflation expectations.
The NBK emphasized that maintaining moderately tight monetary conditions is necessary to achieve the inflation target of 5%. They stated that the room for easing monetary policy is still limited in the current conditions and will only begin to form with a stable decrease in the sustainable part of inflation.
The next planned decision on the base rate by the Monetary Policy Committee of the NBK will be announced on May 31, 2024, at 12:00 Astana time. The previous decision on the base rate was made on February 23, 2024, when the National Bank of Kazakhstan reduced the base rate from 15.25% to 14.75%.
