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Kazakh central bank cuts base rate to 9.5%

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Kazakh central bank cuts base rate to 9.5%

The central bank of Kazakhstan decided to cut its base rate by 25 basis points to 9.5% as inflation continues to ease.

Annual inflation has been decelerating at a faster-than-expected rate since the start of 2018 as external factors subside and domestic spending recovers gradually. The National Bank of the Republic of Kazakhstan said it expects the inflation rate to drop to a level lower than 5% in the fourth quarter. It then expects the inflation rate to remain within the 4% to 6% target range as household income improves in the medium term.

Robust foreign demand, higher energy prices, and expanded mineral resources production continue to support the Kazakh economy, the central bank said.