The National Bank of Kazakhstan has decided to lower the base rate to 16.75% per annum with a corridor of +/-1 percentage point. This was reported by Qazaqyia.kz citing Sputnik Kazakhstan.
According to the official statement, annual inflation has been declining for nine months, reaching 10.3% in June after 10.4% in May. Food inflation decreased from 10.7% to 10.4%. Monthly inflation in June was 0.8%, and the median estimate of core inflation excluding seasonal factors was 0.9%.
It is worth noting that earlier the National Bank had reduced the base rate from 18% to 17%. Additionally, Suleimenov commented on how the reduction in the base rate would affect deposits.