National Bank of Kazakhstan governor says lowering base rate likely in July

ASTANA. June 15 (Interfax-Kazakhstan) - The National Bank of Kazakhstan does not rule out the lowering of the base rate in July, National Bank Chairman Galymzhan Pirmatov told Interfax.

"There is such a possibility. We will look at inflation. In accordance with our forecast indicator, changes in prices for fuel and utilities had an indirect impact. Everything will depend on the data we will be receiving," Pirmatov said on the sidelines of the meeting in the Senate on Thursday.

The National Bank on May 26 decided to hold the base rate at 16.75% per annum with an interest rate band of ±1 p.p. Pirmatov said earlier that the National Bank might consider the possibility of lowering the base rate, which has remained unchanged for more than five months, in the second half of the year.

The 16.75% base rate has been effective from December 6, 2022.

The Monetary Policy Committee will announce its next decision on the base rate on July 5.