The National Bank of Kazakhstan raised the base rate for the first time since February 2016

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For the first time since February 2016, the National Bank of Kazakhstan raised the base rate to 9.25% per annum with a +/- 1% corridor. The increase was 0.25%. This was reported by the regulator on Monday. The chairman of the Central Bank of Kazakhstan, Daniyar Akishev, who earlier spoke about a possible rate increase before the end of the year, noted a growing uncertainty in inflation expectations, pointing out that currency fluctuations affect inflation. According to him, the National Bank will continue to monitor the risks of inflation, its compliance with the target corridor. The regulator expects that inflation for the current year may be near the upper limit of the target corridor at 7%.

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