Kazakhstan makes an unexpected rate cut of 100 basis points for the first time in nearly two years

Golden Ten Data reported on June 5th that on Friday, Kazakhstan unexpectedly cut its key interest rate for the first time in nearly two years, as inflation in the Central Asian oil-producing country continued to ease. However, the central bank also stated that policy would remain relatively tight. On Friday, the National Bank of Kazakhstan lowered the benchmark rate by 100 basis points from a record level to 17%. Among the seven economists surveyed, only one predicted a cut to 17.25%, while the rest expected no change. Policymakers indicated at the April rate meeting that they were prepared to ease policy if no new shocks occurred.