BAKU, Azerbaijan, Dec. 6
The Monetary Policy Committee of the National Bank of Kazakhstan decided to set the base rate at 9.75 percent per annum with an interest rate corridor of +/– 1.00 percentage points, Trend reports referring to the bank.
Accordingly, the rate on standing access operations to provide liquidity will be 10.75 percent, and on standing access operations to withdraw liquidity - 8.75 percent.
The decision was made given the observed signs of a slowdown in overall inflation, as well as increased uncertainty about a new variant of coronavirus - omicron and its impact on inflationary processes, external and internal demand.
As a result of the outstripping growth in demand over supply opportunities, the trend towards accelerating inflation in many countries persists, despite the measures taken to curb price increases. In the countries being the main trading partners, except China, inflation forms at historic highs. The price growth level in Kazakhstan is also high.
A slight slowdown in food inflation and inflation of paid services was offset by an acceleration in prices for non-food products. The increased inflationary expectations of the population reinforce the existing inflationary background. The domestic economy continues to actively recover amid relatively high commodity prices and easing quarantine restrictions.