Kazakhstan cuts main rate as outlook improves

Governor says inflation should keep falling but fiscal policy or Russian prices could derail forecast

National Bank of Kazakhstan
National Bank of Kazakhstan
МаратД/Wikimedia

The National Bank of Kazakhstan cut its policy rate by 25 basis points today (August 25), to 16.5%, as the inflation outlook began to improve.

NBK governor Galymzhan Pirmatov told journalists that the global backdrop “remains disinflationary”, as food prices decline and central banks tighten policy. However, Kazakhstan is also experiencing upward pressure on inflation from the government’s fiscal policy, and from Russia, where a weakening ruble has pushed prices higher.

Inflation in Kazakhstan

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