Interest Rate in Kazakhstan
Kazakhstan - Interest Rate
Central bank raises its policy
At its latest meeting on 25 July, the National Bank of Kazakhstan (NBK) decided to raise its base rate by 50 basis points to 14.50%, following its decision to stand pat in early June. Meanwhile, the interest rate corridor was kept at plus or minus 1.0 percentage points.
This decision was driven by above-target inflation as well as accelerating inflation expectations. Inflation remained in double digits across May and June, with the median inflation expectation for the year ahead rising to 14.9% in June from 13.8% in May. Supply chain disruptions, currency depreciation and external inflationary pressures have driven prices upwards in recent months. Inflation has been further stoked by strong internal demand associated with elevated government spending in late Q2.
Looking ahead, our panel expects a further 25 basis points of tightening by the end of the year. The Bank said that inflation had yet to peak: It is projected to continue rising until Q1 2023. The Bank stated that future monetary policy decisions would be contingent on its economic forecasts, as well as the balance of risks in the global and domestic economy. The next monetary policy meeting is scheduled to take place on 5 September.
FocusEconomics Consensus panelists see the base rate ending 2022 at 14.75%, and 2023 at 11.35%.
Kazakhstan - Interest Rate Data
|Policy Interest Rate (%)||16.00||12.00||10.25||9.25||9.25|
5 years of economic forecasts for more than 30 economic indicators.
Kazakhstan Interest Rate Chart
|Exchange Rate||382.9||0.32 %||Jan 01|
|Stock Market||0.1||0.0 %||Jan 07|
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September 5, 2022
According to a preliminary reading, GDP growth weakened to 3.4% year on year in January-June, down from 4.6% in January–March.
September 5, 2022
Consumer prices increased 1.40% in August over the previous month, accelerating from the 1.10% increase logged in July.
August 15, 2022
Industrial output fell 2.4% year on year in July (June: -1.3% yoy).
August 1, 2022
Consumer prices rose 1.10% in July over the previous month, coming in below the 1.60% rise seen in June.
July 25, 2022
At its latest meeting on 25 July, the National Bank of Kazakhstan (NBK) decided to raise its base rate by 50 basis points to 14.50%, following its decision to stand pat in early June.