ASTANA, Kazakhstan, July 11. The National Bank of Kazakhstan announced its decision to keep the base rate at 16.5 percent, citing ongoing price pressures and economic challenges, said Chairman of the National Bank of Kazakhstan, Timur Suleimenov, at a briefing, Trend reports.
According to him, the key reasons for maintaining the current rate include the rise in inflation to 11.8 percent in June and the acceleration of prices for paid services and food products, as well as strong domestic demand that exceeds supply capabilities and creates additional pressure on prices.
“The economy is growing at a high rate—six percent over the first five months; however, inflation expectations among the population remain high, which requires maintaining a moderately tight monetary policy,” Suleimenov noted.
Furthermore, the extrinsic economic landscape continues to
exhibit instability due to geopolitical uncertainties and
fluctuations within international markets, which concurrently
impacts inflationary trends in Kazakhstan.
The National Bank has resolved to maintain the prevailing base rate
through the conclusion of 2025, concurrently enacting supplementary
measures to modulate lending practices and safeguard consumers of
financial services. This includes the introduction of a novel
legislative framework that stipulates a "cooling-off" interval for
unsecured loan agreements.
The chairman articulated that the primary objective is to mitigate
inflationary pressures and enhance the real income levels of the
populace, thereby facilitating sustainable economic expansion and
ensuring the stability of financial markets.
This morning, the Monetary Policy Committee of the National Bank of Kazakhstan set the base rate at 16.5 percent per annum, keeping it unchanged. The interest rate corridor was set at +/- 1.0 percentage points.
