National Bank increases base rate to 9.75%

The Monetary Policy Committee of the National Bank of the Republic of Kazakhstan decided to raise the base rate at the level of 9.75% per annum with an interest rate corridor of +/– 1.00 sp. Accordingly, the rate on permanent access operations to provide liquidity will be 10.75%, and on permanent access operations to withdraw liquidity - 8.75%, World of NAN reports citing the press service of the National Bank.

As noted in the financial institution, the decision was made against the background of continuing pro-inflationary pressure in the economy, as a result of which inflation is formed above the forecast range of 7.5-8.5% in 2021, rising prices in world markets, accelerating inflation in countries - trading partners and high inflationary expectations within the country.

“When deciding on the base rate, we analyze the effect of many factors both in the external sector and in the domestic economy. Inflation is stacked above the baseline scenario trajectory of 7.5-8.5% at the end of 2021. This factor is the most important, and all our actions are aimed at bringing inflation into the target corridor of 4-6% by the end of 2022. The National Bank reacts to all objective factors by raising the base rate to continue stimulating economic agents to save behavior. This decision will also help prevent the emergence of undesirable equilibria in the money and foreign exchange markets, ”said Deputy Chairman of the National Bank of the Republic of Kazakhstan Akylzhan Baimagambetov in an interview for the media.

The next planned decision of the Monetary Policy Committee of the National Bank of the Republic of Kazakhstan at the base rate will be announced on December 6, 2021 at 15:00 Nur-Sultan time.

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