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Kazakh central bank keeps base rate unchanged

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Kazakh central bank keeps base rate unchanged

The National Bank of the Republic of Kazakhstan on Sept. 3 kept its key rate unchanged, though it flagged possible tightening before the end of the year.

The central bank left its base rate unchanged at 9% with a corridor of plus or minus 1%.

Annual inflation rose to 6.0% in August, within the central bank's target range of 5% to 7% by the end of 2018.

The central bank noted the increasing risk that inflation will stay near the upper range of the target corridor of 4% to 6% in 2019 and exceed the target of below 4% for 2020.

Given that outlook, along with the weakening of the Kazakhstani tenge, the central bank said, "it is possible that the monetary conditions might get tightened before the end of this year in order to minimize the risks associated with growing negative expectations."