Korea: Central Bank maintains rates in April
At its meeting on 12 April, the Central Bank decided to keep the Base Rate unchanged at 3.50%, where it...
Base Rate in Kazakhstan
The Base Rate ended 2022 at 16.75%, up from the 9.75% end-2021 value and above the reading of 6.50% a decade earlier. For reference, the average Base Rate in Eastern Europe was 8.40% at end-2022. For more interest rate information, visit our dedicated page.
Kazakhstan Interest Rate Chart
Note: This chart displays Policy Interest Rate (%) for Kazakhstan from 2014 to 2023.
Source: National Bank of Kazakhstan.
Kazakhstan Interest Rate Data
| 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|
| Base Rate (%, eop) | 9.25 | 9.25 | 9.00 | 9.75 | 16.75 |
NBK continues monetary policy easing in January
On 19 January, the National Bank of Kazakhstan (NBK) reduced its policy rate by 50 basis points to 15.25%. As a result, rates have now been cut by a cumulative 150 basis points since August 2023. Meanwhile, the Bank maintained the interest rate corridor at plus or minus 1.0 percentage point.
At the tail-end of 2023, inflation fell to a 22-month low of 9.7% on the back of the Bank’s restrictive monetary policy stance, a high base effect and cooling external price pressures. Moreover, the Bank commented that inflation expectations had decreased. Against this backdrop, the Bank opted to continue cutting its policy rate; however, it highlighted several upside risks to the outlook, including potentially stronger fiscal stimulus and possible increases in food prices due to a poor harvest this year.
In its communiqué, the NBK stated that “achieving the 5% inflation target requires maintaining moderately tight monetary conditions” but simultaneously that “the gradual reduction of the base rate will continue”. Our panelists currently expect between 50–500 basis points of further rate cuts by end-2024. The next decision of the NBK is set for 23 February.
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Kazakhstani interest rate projections for the next ten years from a panel of 11 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable interest rate forecast available for Kazakhstani interest rate.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Kazakhstani interest rate projections.
Want to get access to the full dataset of Kazakhstani interest rate forecasts? Send an email to info@focus-economics.com.
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