Kazakh National Bank again raises base rate

The Monetary Policy Committee of the Kazakh National Bank has decided to raise the base rate to 16.75% per annum with a corridor of +/- 1 percentage point, Report informs referring to Sputnik-Kazakhstan.

The National Bank has approached the end of the base rate increase cycle, and its achieved level is assessed as quite high.

“Keeping the base rate at current values for a long period of time will stabilize inflation and gradually reduce it in the medium term. The probability of further tightening of monetary policy in the absence of new pro-inflationary shocks is assessed as low,” the regulator said in a statement.

The next planned decision on the base rate will be announced on January 13, 2023.

On October 26, the National Bank decided to set the base rate at 16% per annum.