ASTANA, Kazakhstan, April 11. Monetary Policy Committee of the National Bank of Kazakhstan has decided to set the base rate at 16.5 percent per annum, with a corridor of +/- 1 percentage point, Trend reports.
"Annual inflation at the end of March rose to 10 percent, within the forecasted range of 10-12 percent. The primary driver of this inflation is the services sector, which was affected by a larger-than-expected increase in regulated tariffs in the first quarter and rising market service costs," the National Bank of Kazakhstan stated.
The National Bank also noted that food inflation is contributing more significantly on both a monthly and annual basis.
"In the monthly dynamics, early signs of stabilization are emerging. Inflation slowed to 1.3 percent in March from 1.5 percent in February, mainly due to the non-food components and market services. A similar pattern is observed in core (0.9 percent) and seasonally adjusted inflation (1.0 percent)," the National Bank added.
The next scheduled decision by the Monetary Policy Committee of the National Bank of Kazakhstan on the base rate will be announced on June 5, 2025, at 12:00 Astana time.