ASTANA, Kazakhstan, August 29. The National Bank of Kazakhstan has decided to keep the base rate at 14.25 percent per annum with a corridor of +/- 1 p.p., TurkicWorld reports.
The regulator notes that inflation in July 2024 slightly increased but remained within the National Bank's forecast range. Monthly inflation and its core component showed a significant acceleration.
"Achieving the five percent inflation target in the medium term will require maintaining moderately tight monetary conditions for an extended period. The balance of risks has shifted towards higher inflation, suggesting a high likelihood that the base rate will remain at the current level until the end of 2024," the statement notes.
It’s worth noting that the base rate was reduced from 14.5 percent to 14.25 percent on July 12, 2024.
