National Bank of Kazakhstan reveals its base rate decision

Kazakhstan Materials 7 April 2023 10:49 (UTC +04:00)
Emin Sevdimaliyev
Emin Sevdimaliyev
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BAKU, Azerbaijan, April 7. National Bank of Kazakhstan retained the base rate at 16.75 percent per annum with a corridor of +/- 1 percentage points, Trend reports, citing the National Bank of Kazakhstan.

The Bank notes that the decision to maintain the base rate is dictated by the effectiveness of the measure.

The inflation rate in Kazakhstan was 18.1 percent in March, which is a decrease of 3.2 percent compared to the February 2023 figures. Inflation decreased by 1.3 percent year-over-year in February, with a further deceleration of 0.9 percent (year on year) recorded in March.

The National Bank of Kazakhstan notes that the next decision on the base rate will be revealed on 26 May 2023.

The high level of inflation was formed due to the consequences of the COVID-19 pandemic. Disruption of supply chains, and the consequent increase of goods and services prices abroad, were some of the key reasons that have led to high inflation in the Kazakh economy.