Kazakhstan's National Bank in H2 2023 to consider possibility of cutting base rate

ASTANA. May 26 (Interfax) - Kazakhstan's National Bank in the second half of the year will consider the possibility of gradually cutting the base rate that has been 16.75% per annum for over five months, the bank said in a statement.

"In the second half of the year, the National Bank will consider the advisability of a smooth and prudent reduction in the base rate," Kazakh National Bank Governor Galymzhan Pirmatov said on Friday during a press conference.

The National Bank has retained the base rate at 16.75% pa since December 6, 2022. The bank retained the base rate following the planned reviews in January, February, April, and May. The regulator has also noted that it intends to retain the base rate at 16.75% pa in the first half of 2023 in order to curb inflation in the medium term.