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Kazakh central bank keeps 10.5pct base rate

17 July 2017 18:32

ASTANA. KAZINFORM The National Bank of Kazakhstan is maintaining the base rate at 10.5 percent.

"The National Bank of the Republic of Kazakhstan has decided to keep up the base rate at the level of 10.5pct within +/- 1pct corridor. The annual inflation level is consistent with the forecasts made by the National Bank and remains within the target corridor, while the inflation expectations are shaping up at a stable level," the report says.

As explained in the release, the inflation risks may be caused by the supply factors arising in the markets of certain goods and departure of external parameters from the basic scenario of the economic development.

"Nevertheless, the trajectory of the forecast inflationary pace slowdown in the medium term enhances the likelihood of the base rate reduction, both in the short term and on the horizon of the upcoming 12-18 months, so that to ensure that the real base interest rate corresponds to the long-term potential pace of the economic growth," in the message.

The next decision on the base rate will be announced on August 21, 2017 at 5:00pm Astana time.