Kazakhstan cuts main rate as outlook improves
Governor says inflation should keep falling but fiscal policy or Russian prices could derail forecast
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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