National Bank of Kazakhstan revises its forecast for base rate cuts in 2025-2026.Members of the Monetary Policy Committee (MPC) of the National Bank of Kazakhstan have updated their forecast of the base rate's trajectory: they expect its median value to fall to 13.75% in 2025 and to 12% by the end of 2026, according to the Monetary Policy Report for November.MPC members forecast the base rate within the range of 12-14.75% for 2025 and 10-13.75% for 2026.In its August forecast, the National Bank of Kazakhstan assumed a more significant reduction of the median base rate to 11.9% in 2025 and to 10% in 2026."The opinion of each member of the Monetary Policy Committee was based on the information available at the time of the meeting (29 November 2024 - IF-K). This is an assessment by the members of the type of monetary policy that, in their opinion, is necessary to achieve the inflation targets, taking into account current conditions and future prospects at the time of the decision," the macro-regulator's report says.However, the National Bank warns that the proposed path of the base rate does not imply an obligation for the National Bank to maintain it at this level. "When communicating decisions, the National Bank will explain the factors and conditions for their adoption, including in the event of a deviation from the previously estimated interest rate path," the document states.As previously reported, on 29 November the National Bank of Kazakhstan raised the base rate from 14.25% to 15.25% per annum with a corridor of +/- 1 basis point against analysts' expectations. (ICE ALMATY)

Fonte notizia: INTERFAX