BAKU, Azerbaijan, Feb. 8
Trend:
The National Bank of Kazakhstan will continue to pursue the disinflationary monetary policy, Chairman of the National Bank of Kazakhstan Galymzhan Pirmatov said at a governmental meeting, Trend reports with reference to the National Bank.
Pirmatov said that inflation rate slowed down from a maximum level of 8.9 percent from September through October to 8.4 percent as a result of the implementation of joint measures with the government in 2021.
However, the level of core inflation shows the unsustainability of slowing the inflation rate. This was confirmed in January 2022 when inflation rate accelerated again to 8.5 percent.
“While observing the instability of inflationary processes, the National Bank raised the base rate by 50 basis points to 10.25 percent on January 24, 2022, which will contribute for the inflation rate to reach the forecast corridor of 6-6.5 percent again by late 2022," the chairman added.
The National Bank will renew inflation estimates for 2022 as part of the next forecast round in March.
Pirmatov said that the National Bank will continue to pursue the disinflationary monetary policy along with the government’s systemic measures aimed at preventing imbalance in the commodity markets to further reduce the price growth.