4 Sep 2023 12:20

National Bank of Kazakhstan's new governor hints rate cut

ASTANA. Sept 4 (Interfax) - The new governor of the National Bank of Kazakhstan, Timur Suleimenov, said it might be possible to lower the base rate while creating conditions to rein in inflation.

"Curbing inflation is a major challenge in the economy, and addressing it is crucial. By creating suitable conditions, we can slow down the inflation rate. It will be possible to lower the rate if appropriate conditions are created," Suleimenov told reporters at the Senate on Monday.

The regulator cut the base rate 25 basis points to 16.5% per annum with an interest rate band of ±1 pp at the end of August. The rate had been 16.75% since from December 6, 2022. The next decision on the base rate is due on October 6, 2023.

Kazakh President Kassym-Jomart Tokayev signed a decree to appoint Suleimenov as National Bank governor in place of Galymzhan Pirmatov on Friday. The Senate confirmed him in the post Monday.

Suleimenov previously served as the minister of national economy and a member of the Eurasian Economic Commission.