National Bank raised the prime rate in order to reduce inflation

Monetary Policy Committee of the National Bank of Kazakhstan decided to set the prime rate at 10.25% per annum with a corridor of 1%, reports the World of NAN referring to the press service of the National Bank.

Thus, the rate on standing facilities on provision of liquidity will be 11.25%, and on standing facilities on withdrawal of liquidity - 9.25%. The decision was made taking into account the need to reduce inflation expectations and the need to enter the established target corridor of 4-6% by the end of 2022.

Inflation in the largest economies of the world is still at high levels. In the U.S., inflation has risen to 7.0% for the first time since 1982. Consumer inflation in the EU rose to 5.3% in December 2021 and in Germany to 5.7% for the first time since 1992. In China, price growth hit a 15-month high in November 2021 (2.3%), then declined to 1.5% in December 2021. In Russia, inflation remained at its previous high of 8.4% in December 2021.

In Kazakhstan, annual inflation in December 2021 decreased to 8.4%. But food inflation fell in December last year and amounted to 9.9% in annual terms. According to the National Bank, the domestic situation, despite the presence of disinflationary processes in recent months, is characterized by the presence of significant pro-inflationary risks, both on the demand and supply side.

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