Kazakhstan's National Bank revises decision on base rate

Finance Materials 5 September 2022 13:07
Baku, Azerbaijan Trend News Agency
Kazakhstan's National Bank revises decision on base rate

The Monetary Policy Committee of the National Bank of Kazakhstan decided to set the base rate at 14.5 percent per annum with an interest rate corridor of +/- 1.0 percentage points, Trend reports via the bank.

According to the bank, thus, the rate on standing access operations to provide liquidity will be 15.5 percent, and on standing access operations to withdraw liquidity – 13.5 percent.

The decision was made taking into account the current economic situation, the balance of risks, as well as the updated forecasts of the National Bank. Pressure from the external sector is remaining due to the growth in the cost of logistics services, high inflation in the countries - trading partners and the depreciation of the Kazakh tenge against the ruble.

The domestic drivers of price growth include stimulation of fiscal impulse, which holds back the decline in food prices following world markets and exerts upward pressure from demand in the medium term.

The next scheduled decision of the Monetary Policy Committee on the base rate will be announced on October 24, 2022 at 14:00 (GMT +6).