Kazakhstan’s National Bank reduced the base rate from 16.5% to 16%, according to the Monetary Policy Committee of the National Bank of Kazakhstan.
“The monetary and credit policy committee of the National Bank decided to reduce the base rate to 16% per annum with a corridor of +/- 1 p.t,” Kazakhstan’s National Bank said in a statement.
“The active slowdown of inflation contributed to the reduction of the base rate,” Kazakhstan’s National Bank added.
However, due to the presence of pro-inflationary risks in the external sector and the economy, the possibility of further reductions this year is significantly limited.
By the end of the year, monetary and credit policy easing will be considered if the annual inflation slows down to a significant level.
In September, annual inflation decreased to 11.8% on a trajectory leading to the lower end of the estimated range of 10-12% for this year.
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