Kazakhstan's National Bank Maintains Base Rate Following Comprehensive Review
Date
5/26/2023 3:08:13 PM
(MENAFN- AzerNews) The Committee on Monetary Policy of the National Bank
of Kazakhstan has announced its decision to keep the base rate
unchanged at 16.75 percent, Azernews reports citing Trend.
This decision comes following a comprehensive review
of the National Bank's updated forecasts, data analysis, and a
careful assessment of inflation risks.
In Kazakhstan, there is persistent inflationary
pressure due to ongoing fiscal stimulus, sustained domestic demand,
high and unstable inflation expectations, as well as the increase
in prices of petroleum products and the anticipated rise in tariffs
for housing and communal services.
As noted, the annual inflation in Kazakhstan continued
its downward trend in April 2023, reaching 16.8 percent. Notably,
the deceleration was most prominent in the food component of
inflation. However, the decline in annual inflation was offset by
price increases in non-food items, which slightly accelerated due
to the rising cost of petroleum products.
Meanwhile, the monthly inflation rate remained at 0.9 percent,
persistently higher than historical averages. However, since
September 2022, both the core and seasonally adjusted inflation
measures have been declining, indicating a gradual weakening of the
persistent inflationary pressures.
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