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Kazakhstan: NBK keeps base rate on hold at 9%

  • Central bank sees near- and medium-term inflationary pressures, expects inflation to exceed 4-6% target in 2021
  • Risk factors considered manageable for now, but policy rate will be hiked if they outweigh disinflationary tendencies
  • GDP growth forecast upped to 3.6%-3.9% on higher oil prices, increased budget spending, and wage growth

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