The National Bank of Kazakhstan reduced the base interest rate by 50 basis points from 15.25% to 14.75% annually. In this respect reports press service of the regulator.
In January, the republic’s central bank also reduced the interest rate from 15.75% per annum to 15.25%. However, further loosening of monetary policy should not be expected in the near future.
“The current balance of inflation factors, the dynamics of current (monthly) interest rates and the uncertainty of fiscal policy parameters determine that there is a high probability that the base interest rate will be maintained at the achieved level within the framework of the nearest decisions,” the statement said.
According to last month’s results, annual inflation in Kazakhstan slowed down to 9.5 percent. Monthly inflation was 0.8%, 0.2% above the historical average.
The Central Bank of the Republic kept its inflation forecast between 7.5-9.5% for the current year, 5.5-7.5% for 2025 and 5-6% for 2026. The GDP growth forecast for 2024 was increased to 3.5-4.5%.
Before this, the decision on the key interest rate accepted Central Bank of Türkiye. The regulator took a pause in the increase cycle.
Previously in Germany got worse GDP growth forecast for 2024.