ASTANA, Kazakhstan, November 29. The National Bank of Kazakhstan has raised its benchmark interest rate for the first time since December 2022, TurkicWorld reports
The National Bank of Kazakhstan increased the base rate from 14.25 percent to 15.25 percent per annum. It was noted that the financial regulator made this decision based on updated forecasts and an assessment of inflation risk balances.
According to the National Bank of Kazakhstan, the annual inflation rate in Kazakhstan rose to 8.5 percent in October 2024, driven by significant price increases for regulated services amid the implementation of the "Tariff for Investment" program and the weakening of the tenge.
It was also noted that, amid volatility in financial and energy markets, the National Bank of Kazakhstan will carefully monitor the need for further tightening of monetary policy.
The most recent alteration in the interest rate transpired in July of this year, when it diminished from 14.5 percent to 14.25 percent.
