During a briefing on April 12, 2024, the Chairman of the National Bank of Kazakhstan, Timur Suleimenov, explained how the flooding situation in the country influenced the decision to maintain the base rate at 14.75% annually.
Suleimenov cited the uncertainties surrounding the consequences of the abnormal floods in various regions of Kazakhstan as one of the key factors in the decision to keep the base rate stable. He highlighted potential social impacts, restrictions on entrepreneurial activities in flood-affected areas, and the fiscal expenses required to address the aftermath of the floods as reasons for maintaining the rate.
The National Bank did not revise its inflation forecast for the year, which is expected to remain within the range of 7.5-9.5%. Suleimenov stated that there are currently no significant factors that would lead to a significant alteration of the inflation forecast.
On April 12, the National Bank of the Republic of Kazakhstan announced its decision to retain the base rate at 14.75%, indicating a cautious approach in light of the ongoing flood challenges faced by the country.
