The Chairman of the National Bank, Timur Suleimenov, announced during a government meeting on March 12th that the annual inflation rate in Kazakhstan is decelerating. However, the pace of the slowdown is diminishing.
"In February 2024, the annual inflation rate slowed down to 9.3%. Against the backdrop of decreasing inflation and inflation expectations, the National Bank reduced the base rate by 50 basis points to 14.75% in February," Suleimenov stated.
He noted that the deceleration of the annual inflation rate is slowing down. "The monthly inflation for February 2024 was significantly higher than historical averages. In February, in addition to seasonal and administrative factors, the price growth of market goods and services accelerated. In the current conditions, the space for easing monetary policy is significantly limited. The balance of inflation factors and the dynamics of its current rates indicate a high probability of maintaining the base rate at the current level in the upcoming decisions," he summarized.
On February 23, 2024, the National Bank of Kazakhstan (NBK) once again lowered the base rate from 15.25% to 14.75%. Later, the Chairman of the National Bank, Timur Suleimenov, explained the reasoning behind this decision.
