Kazakh central bank introduces first policy rate cut since 2020

Kazakh central bank introduces first policy rate cut since 2020

/ bne IntelliNews

By bne IntelIiNews August 28, 2023

Kazakhstan’s central bank on August 25 introduced its first policy rate cut since 2020, reducing the benchmark by 25 bp to 16.5%.

The decision to implement the cut was taken in light of improving inflation projections within the country. Galymzhan Pirmatov, governor of the National Bank of Kazakhstan, also highlighted the evolving global economic landscape, characterising it as "disinflationary" due to declining food prices and the tightening of monetary policies by central banks worldwide.

Inflation in Kazakhstan is, however, under the sway of strong, contradictory forces. Apart from the pull of global trends, Central Asia’s biggest economy is also grappling with inflationary pressures arising from the fiscal policies of its government and the situation in Russia, where a strong depreciation in the ruble has of late contributed to rising prices.

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