15.25% Per Annum: National Bank Raised Base Rate
Photo: Nationalbank.kz
The National Bank of Kazakhstan raised the base rate to 15.25% per annum to combat inflation, which reached 8.5% in annual terms in October, Orda.kz reports.
The reasons for the price increase are the rising cost of regulated services, the weakening of the tenge, and high domestic demand.
Global inflation, rising food prices, and currency fluctuations are also factors.
Outlooks for the coming years show that inflation will remain above target levels due to fiscal stimulus, housing and utilities reforms, and external factors.
In 2024, inflation is expected to be 8-9%; in 2025, around 6.5-8.5%; and in 2026, up to 5.5-7.5%.
Kazakhstan's economy will continue to grow, but falling oil prices and weak external demand will limit the pace.
The GDP growth forecast for 2024 is 4-4.5%.
The National Bank also plans to tighten monetary policy to stabilize inflation and reach the target of 5% by 2027.
More details will be released in the Monetary Policy Report on December 9. The next rate decision will be announced on January 17, 2025, The National Bank reported.
Original Author: Artem Volkov
Latest news
- Kazakh Officials Want to Ban Imported Apples
- Tokayev Congratulated Kazakhstanis On Capital Day And Nazarbayev On His Birthday
- Tourists From Kazakhstan Stuck in Kyrgyzstan Valley After Bridges Washed Away
- Almaty Ranked More Expensive Than Astana in Global Cost of Living List
- Almaty Region Puts High-Risk Mountain Lakes Under Constant Watch
- Kazakhstan and Six Other OPEC+ Countries Support Oil Production Increase
- Kazakhstan’s Respublica Party Keeps Chairman Before New Parliament Election
- Eroded Roads and Evacuations: Almaty Region Deals With Flood Aftermath
- Kazakhstan Steps Up Checks on Gas Stations and Mini-Refineries Amid Fuel Market Controls
- Withered Trees Instead Of Greenery: What Almaty Got After Sairan’s Costly Reconstruction
- Kazakhstan Sends Delegation to Iran for Farewell to Supreme Leader
- Kazakhstan Mining Giant Kazzinc Fined After Toxic Dust Release From Plant Explosion
- Almost 100 Houses Flooded After Heavy Rain In Mangistau Region
- Medeu Reconstruction Workers Complain About Unpaid Wages
- Tax Breaks Planned in Kazakhstan to Ease Pressure on Businesses and Investors
- More Than Two Tons of Infected Plums and Cherries From Kyrgyzstan Blocked at Kazakhstan Border
- Almaty Zoo Welcomes First Raccoon Cubs in Almost Two Decades
- Mausoleum, Necropolis and Rare Trade Artifacts Found in Northern Kazakhstan
- Imported Chinese Cars May Get Much More Expensive For Kazakhstanis
- Kazakhstan Reports Less Crime, But Serious Cases Are Becoming More Prominent
