National Bank of Kazakhstan cuts base rate to 17% per annum, contrary to expectations

ASTANA. June 5 (Interfax) - The Monetary Policy Committee of the National Bank of Kazakhstan decided on Friday to set the base rate at 17% per annum with a corridor of plus or minus 1 percentage point, the National Bank said in a statement.

"The decision is based on the results of the forecast round, updated estimates of key macroeconomic indicators and the balance of inflation risks," the National Bank said.

Analysts surveyed by Interfax expected the base rate to be kept at 18% or cut to 17.5% per annum.