Kazakhstan Interest Rate

The National Bank of Kazakhstan held its benchmark interest rate at 14.25% during its August 29th, 2024 meeting, following two consecutive cuts that brought the current rate to its lowest level since March 2022, stating that pro-inflationary risks increased and there was a high likelihood that the rate could remain unchanged through the end of the year. The country's headline inflation edged up to 8.6% in July 2024 from 8.4% in the previous month, remaining within the central bank's target range of 7.5% to 9.5%. Meanwhile, the National Bank of Kazakhstan maintained its economic growth forecast of 3.5%-4.5% for 2024 and 4.9%-5.9% for 2026, while slightly raising the 2025 forecast to 5%-6%. These growth forecasts are mainly attributed to robust domestic demand and support from the oil sector due to higher production levels. The next policy meeting is scheduled for October 11, 2024.