BAKU, Azerbaijan, March 7. The National Bank of Kazakhstan projects the inflation in the country to be between 9-12 percent in 2023, Trend reports, citing the National Bank.
The forecast was revealed in the newly issued report on Kazakhstan’s monetary policy.
Inflation expectations for the following two years were also amended. Currently, the National Bank expects this indicator to roam around 6-8 percent in 2024, with a further drop to 4-6 percent in 2025.
The report mentions that the inflation projection was improved because of comparatively better economic conditions, slightly reduced risk of economic recession, decreased pressure on key markets, and restored supply chain.
However, the National Bank revealed that the range was extended due to several external factors, which present risks, including the uncertainty regarding the fiscal stimulus in Kazakhstan and the inflation dynamic in key trade partners.
Despite the improved expectations, the National Bank revealed that the base rate is likely to be kept stable, to ensure the successful continuation of the fight against corruption.
Earlier, Kazakhstan’s National Bank revealed that inflation will subside in Kazakhstan after 1Q2023. The latest data indicates that inflation in Kazakhstan amounts to 21.3 percent, with a growth of 1.3 percent in February 2023 alone.