The National Bank of Kazakhstan raised the base rate from 9.25% to 12%

The National Bank of Kazakhstan, due to the backdrop of increased risks to the stability of the financial system due to a collapse in the global markets, decided to raise the base rate from 9.25% to 12%. This was announced by the head of the department Erbolat Dosaev.

“Due to the background of increased risks from the external sector, it is necessary to maintain price stability and protect the tenge exchange rate. Therefore, as part of its mandate, the National Bank Decided at an extraordinary meeting on March 10 this year to raise the base rate to 12% with an interest rate band of +/- 1.5 percentage points”, said Dosaev.

According to Dosaev, the increase in the base rate will create conditions for maintaining financial and macroeconomic stability, preventing negative effects on domestic prices and the level of dollarization.

Extracted from www.ria.ru