Kazakhstan’s National Bank holds base rate steady
The Kazakh National Bank’s Monetary Policy Committee on Friday announced it decided to keep the base rate at 18 percent, with a corridor of plus of minus 1 percentage point, Qazinform News Agency cites the Bank’s press service.
The Bank said the decision was based on the results of the latest forecast round, updated macroeconomic forecasts and the current balance of inflation risks.
Annual information fell to 11.7 precent in February, down from 12.2 precent in January, matching the expectations.
The report suggests inflation is cooling, as food prices grew 12.7 percent, slower than the January pace of 12.9 percent, non-food process rose 11.6 percent against an increase of 11.7 percent in the previous month, while paid services inflation stood at 10.8 percent, easing from 12 percent in January.
Earlier, Qazinform reported Kazakh President Kassym-Jomart Tokayev assigns to reduce inflation within three years.