Decision-Making Process

The decision on the base rate is made 8 times a year by the Monetary Policy Committee of the National Bank of Kazakhstan.

Decisions on the base rate are made based on the analysis of the current macroeconomic situation and prospects for further economic development.

Based on the results of the decision the Monetary Policy Committee issues corresponding decrees.

Following the decision, a press release on the base rate with a description of the main decision-making factors is published.

4 times a year (once per quarter), decisions on the base rate are based on results of the forecast round, during which the forecast of the main macroeconomic indicators, primarily inflation, for a medium term (the next 7 quarters) is carried out.

The results of current and forecasted estimates, as well as a rationale behind the Monetary Policy Committee decisions on the base rate are published in the publication «Monetary Policy Report».

Monetary Policy Report is the main communication tool of the National Bank of Kazakhstan and is published after the decision on the base rate. This document presents an analysis of the main macroeconomic factors affecting inflation, short and medium term forecasts of macroeconomic indicators, as well as the rationale behind the decisions on the base rate. The publication is being published quarterly since 2004.

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