Kazakhstan's National Bank Talks Further Steps To Lower Base Rate (Exclusive)
Date
2/24/2024 12:09:40 AM
(MENAFN- Trend News Agency) BAKU, Azerbaijan, February 24. The National
Bank of Kazakhstan (NBK) will consider the feasibility of further
reducing the base rate in 2024, taking into account the need to
maintain moderately tight monetary conditions in the medium term to
return inflation to the target of 5 percent, a source in the NBK
told Trend .
"Currently, inflation in Kazakhstan continues to gradually
decline. At the end of 2023, it amounted to 9.8 percent, that is,
it reached a single-digit level. At the same time, certain risks
regarding inflation remain. With a further slowdown in inflation in
2024, the National Bank will consider the feasibility of further
reducing the base rate, taking into account the need to maintain
moderately tight monetary conditions in the medium term to return
inflation to the target of 5 percent and anchor inflation
expectations," the source noted.
At the same time, source pointed out that pauses in changing the
base rate to accumulate data and monitor risks are not
excluded.
Meanwhile, the Monetary Policy Committee of the National Bank of
Kazakhstan announced its decision to reduce the base rate by 50
basis points to 15.25 percent, incorporating a corridor of +/- 1
percentage point in January.
This move follows the NBK's decision on November 24, 2023, to
decrease the base rate by 25 basis points to 15.75 percent.
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