Kazakhstan's National Bank Raises Benchmark Interest Rate
Date
11/29/2024 1:06:50 AM
(MENAFN- Trend News Agency)
ASTANA, Kazakhstan, November 29. The National
Bank of Kazakhstan has raised its benchmark interest rate for the
first time since December 2022, Trend reports
The National bank of Kazakhstan increased the base rate from
14.25 percent to 15.25 percent per annum. It was noted that the
financial regulator made this decision based on updated forecasts
and an assessment of inflation risk balances.
According to the National Bank of Kazakhstan, the annual
inflation rate in Kazakhstan rose to 8.5 percent in October 2024,
driven by significant price increases for regulated services amid
the implementation of the "Tariff for Investment" program and the
weakening of the tenge.
It was also noted that, amid volatility in financial and energy
markets, the National Bank of Kazakhstan will carefully monitor the
need for further tightening of monetary policy.
The most recent alteration in the interest rate transpired in
July of this year, when it diminished from 14.5 percent to 14.25
percent.
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