The National Bank of Kazakhstan kept its benchmark base rate at 9.0 percent during its July meeting, saying that current monetary policy stance is adequate to guarantee that inflation will be within the target range of 4 percent – 6 percent at the end of 2019, but warned it could hike it later this year if it saw greater risks to its inflation target. The Bank added that the inflation rate in Kazakhstan increased in June (5.4 percent from 5.3 percent in May), mainly due to higher food prices. Policymakers noted main risks from external conditions include the extreme volatility in oil prices and the unfinished trade war between the US and China. Interest Rate in Kazakhstan averaged 23.64 percent from 1992 until 2019, reaching an all time high of 300 percent in March of 1994 and a record low of 5.50 percent in August of 2012.
Interest Rate in Kazakhstan is expected to be 9.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Interest Rate in Kazakhstan to stand at 9.50 in 12 months time. In the long-term, the Kazakhstan Interest Rate is projected to trend around 9.50 percent in 2020, according to our econometric models.