26 May 2023 10:44

Kazakhstan's National Bank retains base rate at 16.75% pa as anticipated

ASTANA. May 26 (Interfax) - The Monetary Policy Committee of the National Bank of Kazakhstan has decided to retain the base rate at 16.75% per annum with a corridor of plus or minus 1 percentage point, the press service of the regulator reported.

Analysts polled by Interfax had forecast that the base rate would be retained.

The National Bank has taken the decision based on its updated forecasts, data analysis, and assessment of the balance of inflationary risks.

"Pro-inflationary pressure from the external environment is easing. Inflation worldwide, particularly in trading partner countries, is demonstrating an expected slowdown owing to declining global prices for energy and foodstuffs. Slower growth in external prices amid a stable real exchange rate is creating favorable conditions for inflation to decelerate in the country," according to the report.