The National Bank of Kazakhstan kept its policy rate at 9% during its September 2020 meeting, in a widely expected move, after cutting it by 50 bps in July to support the economy. Policymakers said the current policy stance remains appropriate to keep the inflation rate under control and help it to subside in the medium term. The annual inflation rate is estimated to reach 8% in 2020 and slow to 6% in 2021. The bank also has revised its 2020 GDP projections that now point to a steeper contraction of 2-2.3% from an earlier estimate of a 1.8% decline. The economy is projected to return to growth of around 3.5-3.8% in 2021, as the pandemic situation gradually improves, boosted by the recovery of external demand, the implementation of deferred investment projects, the revival of consumer demand and the fiscal stimulus policy. Still, there were cited concerns over the uncertain external environment as well as about fresh Western sanctions against Russia.
Interest Rate in Kazakhstan averaged 22.53 percent from 1992 until 2020, reaching an all time high of 300 percent in March of 1994 and a record low of 5.50 percent in August of 2012. This page provides the latest reported value for - Kazakhstan Interest Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Kazakhstan Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on October of 2020.
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 8.50 in 12 months time. In the long-term, the Kazakhstan Interest Rate is projected to trend around 8.50 percent in 2021 and 9.00 percent in 2022, according to our econometric models.