ASTANA, Kazakhstan, July 11. The National Bank of Kazakhstan has maintained the base interest rate at 16.5 percent, Trend reports.
According to the information provided, the Monetary Policy Committee of the National Bank of the Republic of Kazakhstan decided to set the base rate at 16.5 percent per annum with a +/-1 percentage point corridor.
“Annual inflation in June was 11.8 percent. Price increases were recorded across all components. The main contribution continues to come from the services sector (16.1 percent) due to both rising prices for regulated services amid ongoing tariff reforms and for market-based services,” the National Bank of Kazakhstan stated.
Moreover, food inflation (10.6 percent) also made a significant contribution due to the rising cost of imported goods and key agricultural products. Monthly inflation slowed to 0.8 percent. Core inflation indicators increased slightly: base inflation was 0.9 percent, and seasonally adjusted inflation reached 1.0 percent. This indicates persistent inflationary pressure, driven by ongoing tariff reforms, fiscal stimulus, and strong consumer demand—supported in part by high growth in retail lending.
The National Bank has observed that the prevailing equilibrium
of inflationary determinants, the trajectory of its present
velocity, pro-inflationary tendencies, and persistent external
volatility engender a substantial probability that the benchmark
interest rate will sustain its existing status quo until the
conclusion of 2025. Nonetheless, the Monetary Policy Committee does
not preclude the potential for an elevation of the base rate should
circumstances warrant such an adjustment.
The forthcoming determination regarding the base rate will hinge on
the outcomes of the forecast cycle, wherein macroeconomic
projections will undergo recalibration.
The National Bank’s next scheduled decision on the base rate will be announced on August 29, 2025, at 12:00 PM Astana time.
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