According to Interfax article published on April 7 , 2023, the National Bank of Kazakhstan (NBK) has left its base rate unchanged at 16.75%, the central bank reported.
Global inflationary pressure remains high despite the slowdown of inflation in some countries, the NBK said. Annual and monthly inflation in Kazakhstan slowed in March as expected.
Nonetheless, it is premature to say that inflation is on a steady and stable downward trend. Domestic pro-inflationary factors remain and are beginning to be realized in the form of an increase in government spending and the start of reforms on the fuel and lubricants market and in the housing and utilities sector, the NBK said.
The overall balance of factors continues to favor keeping the base rate at the current level for the first half of 2023 in order to bring down inflation in the medium term, the NBK said.
"Future actions on the base rate will depend on the updated forecast in May taking into account new data, including the parameters of reforms on the fuel and lubricants market and in the housing and utilities sector," the statement said.
The next scheduled decision of the Committee for Monetary Policy of the National Bank of Kazakhstan on the base rate will be announced on May 26.
In 2022, the National Bank of Kazakhstan raised the rate six times. The rate at the level of 16.75% was valid starting December 6.
