Kazakhstan's central bank cuts key rate to 9 pct

By Renjun
  • World
  • Tuesday, 21 Jul 2020

NUR-SULTAN, July 20 (Xinhua) -- The Kazakhstan National Bank or central bank Monday cut the key interest rate from 9.5 percent to 9 percent and narrowed the corridor from plus or minus 2 percentage point to 1.5 around the benchmark.

According to a central bank statement, the Kazakh economy has seen a decrease of pro-inflationary risks and a stronger recession than expected in the first half of the year. Quarantine measures taken in the second lockdown will have an additional disinflationary effect. All have contributed to the rate cut.

Kazakh President Kassym-Jomart Tokayev told a cabinet meeting on July 10 that the country's economy has grappled with complications, with GDP shrinking by 1.8 percent year-on-year in January to June and output in the services sector falling by 5.6 percent.

Kazakhstan's central bank hiked the interest rate from 9.25 percent to 12 percent on March 10 due to the collapse of oil prices. The rate dropped to 9.5 percent on April 6 and has since been kept at the same level.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Next In World

Forget cameras, this carpet detects the presence and movements of people
Thai protesters return to streets demanding constitutional changes
Taiwan says discussing COVID-19 vaccine passports
Philippine military grounds Black Hawk helicopters after crash kills six
Nicaragua's Ortega shrugs off global pressure in rare speech
Australian court orders Chilean woman's extradition over Pinochet-era charges
New troubles for Thai leader amid virus surge, fresh protests
Pakistan aims to double IT industry in two years with tech zones
Brazil Supreme Court confirms ruling that judge was biased against Lula
Former Philippine President Benigno Aquino dies in hospital at 61

Stories You'll Enjoy