Interest Rate in Kazakhstan
Kazakhstan - Interest Rate
Central bank maintains policy
At its latest meeting on 5 September, the National Bank of Kazakhstan (NBK) maintained its base rate at 14.50%, following its decision to hike by 50 basis points in late July. Meanwhile, the interest rate corridor was kept at plus or minus 1.0 percentage points.
The NBK argued that the current rate was sufficient to ensure the stability of the financial market and allow consumers and businesses to keep saving. Moreover, it said that the tightening undertaken since January 2022 had not yet fully seeped into the economy, necessitating additional time to assess its impact.
Inflation accelerated to 16.1% in August from 15.0% in July, and the median inflation expectation for the year ahead rose to 16.5% in August. The NBK outlined supply chain disruptions, a weakening tenge against the ruble and government spending as the main inflation drivers.
Looking ahead, our panel forecasts more than 25 basis points of tightening by end-2022. The NBK considers that inflation will reach 16.0–8.0% by the end of the year. The Bank stated that future monetary policy decisions would be contingent on the accuracy of its inflation forecasts and on the balance of risks in the global and domestic economies.
The next monetary policy meeting is scheduled to take place on 24 October.
FocusEconomics Consensus panelists see the base rate ending 2022 at 14.90%, and 2023 at 11.36%.
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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November 15, 2022
According to a preliminary reading, GDP growth weakened to 2.8% year on year in January–September, down from 3.6% in January–June.
November 1, 2022
Inflation rose to 18.8% in October, above September’s 17.7%.
September 15, 2022
Industrial output increased 1.4% year on year in August (July: -2.4% yoy).
September 5, 2022
According to a preliminary reading, GDP growth weakened to 3.4% year on year in January-June, down from 4.6% in January–March.
September 5, 2022
Consumer prices increased 1.40% in August over the previous month, accelerating from the 1.10% increase logged in July.