Interest Rate in Kazakhstan
Kazakhstan - Interest Rate
Central Bank holds base rate in June
The National Bank of Kazakhstan (NBK) decided to keep the base rate steady at 9.50% at its monetary policy meeting on 8 June, after having slashed it by 250 basis points in April in the wake of Covid-19. Accordingly, the Bank also decided to keep the interest rate corridor unchanged at plus or minus 2.0 percentage points around the base rate.
Behind the pause was a stabilization in the economic backdrop in recent weeks, as oil prices recovered from historic lows and the global economy began to take steps towards normalization as countries emerged from lockdowns. That said, the picture still remains bleak as lockdown measures take their toll on the economy and the NBK revealed that it now expects GDP to fall 1.8% this year, below its previous projection of 1.3%. Moreover, the Bank stressed that it expects the current account deficit to widen by year-end on the back of low oil exports due to the weak global economy, which could put upward pressure on the tenge.
Looking ahead, the NBK struck a cautious tone stating that further easing will depend on a decrease in uncertainty regarding the external backdrop and currency pressures.
FocusEconomics panelists see the base rate ending 2020 at 9.46% and 2021 at 9.04%.
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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July 17, 2020
Industrial production increased a meagre 0.5% year-on-year in May (April: +6.2% yoy), as the effects of the Covid-19 pandemic dented activity.
July 2, 2020
Consumer prices rose a seasonally-adjusted 0.40% from the last month in June, coming in below May's 0.50% rise.
June 9, 2020
Kazakhstan’s tenge (KZT) strengthened notably against the U.S. dollar in May and at the start of June, after having sunk to a record low in March.
June 8, 2020
The National Bank of Kazakhstan (NBK) decided to keep the base rate steady at 9.50% at its monetary policy meeting on 8 June, after having slashed it by 250 basis points in April in the wake of Covid-19.
June 1, 2020
Consumer prices increased 0.5% month-on-month in May, below April’s 0.9% rise.