News of Cental Asia
26.07.2024
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Central Bank Lowers Basic Rate to 13.5% Amid Positive Trends
On July 25, 2024, the Central Bank, led by Chairman M.B. Nurmuratov, reduced the basic rate by 0.5%, setting it at 13.5% annually.
On July 25, 2024, the Central Bank, led by Chairman M.B. Nurmuratov, reduced the basic rate by 0.5%, setting it at 13.5% annually.
This decision reflects several positive economic indicators:
-Falling Inflation: June inflation dropped to 10.6%, with food inflation down to 4.1%. Without energy tariff changes, total inflation would be 7%.
-Economic Growth: The economy grew by 6.4% in the first half of the year, driven by strong performance in manufacturing, construction, and services.
-Improved Forecasts: The 2024 inflation projection has been revised to 9%, with a target of 5% by the end of 2025.
